Amid trade tensions with the US, China's July soybean imports from Argentina increased 328% month on month and 269% year on year to 1.07 million metric tons, according to customs data.
The price of Brazilian soybeans in local currency reached the highest level in almost two months, driven by a spike in port premiums for soybeans and a weaker currency, both caused by the trade dispute between China and the United States.
Hidrovias do Brasil SA, a Brazilian logistics company, said the collapse of a bridge on the Moju River in Pará state on Saturday will not have any impact on its operations in the region, according to a statement on Sunday.
Brazil’s soybean exports are expected to come in 14-18% down on the year in 2019 due to lower production and reduced buying by China, industry reports showed.
The 10-day-long Brazilian striking truckers protests are winding down and companies from meatpackers to soy crushers are resuming operations. Some problems persist in some sectors and will need time to recover. Primary estimates of losses for farmers' sector could reach US$ 1.77bn
The U.S. Department of Agriculture sees U.S. corn and soybean exports generally increasing over the coming decade but the U.S. share of global sales will shrink as competition from South American producers heats up, the government said in its annual report.
In their latest monthly report, Conab (National Supply Company) increased their estimate of the 2017/18 Brazilian soybean crop by 1.2 million tons and they slightly increased their Brazilian corn estimate. Conab is now estimating the 2017/18 Brazilian soybean crop at 110.4 million tons which is 1.2 million tons more than last month's estimate (109.1 million tons). If realized, the 2017/18 crop would be 3.6 million tons lower than the 114.0 million tons produced last year (-3.2%).
Brazilian farmers are expected to collect 111 million tons of soybeans in the 2017/18 season, said consultancy firm Agroconsult, maintaining the same forecast it released in September.
Brazil's 2016/2017 crop is expected to reach 238.7 million tons which is 28% higher than the previous year, because of better climate conditions and improved productivity, according to Conab, the country's agriculture stats and food supply company. This includes 114 million tons of soybeans and 97.71 million tons of corn.
Brazilian farmers are discovering a serious obstacle to becoming one of the world’s top producers of soybeans: they’re running out of room to store all the unsold supply. The biggest harvest in the country’s history is poised to leave domestic inventories at a record, data from the processors’ group Abiove show.