[2020-05-12] Brazilian soybean sales to China a record so far in 2020

Source: Macauhub

Brazil exported 34.5 million tonnes of soybeans in the first four months of this year, more than in the first third of any year yet, Bloomberg reports, citing figures given by the Brazilian Ministry of the Economy.

The news agency says a bumper harvest in Brazil and strong demand, particularly in China, have made Brazilian soybeans more competitive in the world market.

The report says Chinese imports of Brazilian soybeans were 28.5 percent higher than in the corresponding period last year.

Bloomberg quotes International Grains Council senior economist Darren Cooper as saying Brazil will remain a sturdy competitor in the soybean market in the long run. Mr Cooper said Chinese processors of soybeans were now well supplied until the end of August.

Brazilian exporters have bagged orders for soybeans to be shipped as far ahead as the second half of next year, Bloomberg quotes Paulo Sousa of Cargill Agricultural Supply Chain as saying.