SAO PAULO (Reuters) – Soybean exports from the United States fell, while exports from Brazil were strong in December, a sign of competitiveness of Brazilian oilseeds, which tends to gain strength with the entry of the new national crop. Refinitiv Analyst Libin Zhou.
“As a major importer of soybeans, China continues to prefer Brazilian soybeans over soybeans in the United States,” the analyst said on Wednesday.
Zhou pointed out that the new crop in Brazil will hit the market by the end of January, which “puts pressure” on US grain exports.
Soybean exports from Brazil are expected to rise to more than 3 million tonnes in January, according to the National Association of Cereal Exporters (Anec) this Wednesday, based on data from shipping schedules in ports compared to the same period last year.
Low supply in the United States, competition from Brazilian soybeans, and China’s weak demand for U.S. products indicate that North American exports will remain relatively weak for the rest of the season.
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