According to Agrinvest Commodities, China still needs to buy about 20 million tons of soybeans by February to assure adequate supply. Brazil’s soybeans are currently more expensive than the American’s. Besides, if Brazil’s soybeans are not sold up until now, it will be by January, competing with the American product. Brazilian competitiveness will grow even further with the new crop in February. Given the current premium levels, “Brazilian soybeans, as of February, are unbeatable, and if we plan to export 92/93 million tons, we will have to export most of them between February and August”. China has already bought 8 million tons of soy from the 2021/22 crop in Brazil. Soybean meal sales have been growing strongly in recent days. August is expected to end with more than five million tons of soybean meal exported to China. The volume has returned to levels considered “normal” after months of slump in sales”.
Source: Notícias Agrícolas (*Translated by Ia Niani)