[2021-06-15] June exports of Brazilian soybeans tipped to grow

Source: Macauhub

S&P Global Platts Analytics forecasts that Brazilian exports of soybeans will be greater this month than a year ago, because of strong demand in China.

The monitor of commodities markets says in a report it published on Tuesday that Chinese demand for soybeans has leapt as pig farming there recovers from an outbreak of African swine fever.

China will buy 100 million tonnes of soybeans in the year ending September 30, and 60 per cent of Chinese imports of soybeans will come from Brazil, the report forecasts.

It says figures given by the Brazilian government on Monday indicate that that Brazil exported soybeans at an average rate of 800,000 tonnes a day in the first week of this month, having exported the commodity at an average rate of 600,000 tonnes a day in the equivalent period last year.

China is expected to be the destination of almost 75 per cent of Brazilian shipments of soybeans this month, S&P Global Platts Analytics says.