The world of soybean shipping has turned upside down thanks to the ongoing U.S.-China trade war. Argentina, the No. 3 global soy grower, is making major purchases of U.S. supplies. A weekly measure of US shipments to Argentina just rose to the highest in at least 35 years, U.S. government data showed Tuesday.4 comments
Brazil, the world's No 1 soy exporter, is expected to import around one million tons of the oilseed in coming months from its largest global competitor, the United States, as local supplies dwindle, according to Sao Paulo-based grain trader Agribrasil.
Argentina is launching a new microwave imaging satellite to monitor natural disasters and soil moisture, in a long-term bid to bolster the farm sector, an industry that has historically been the backbone of the country’s economy.
The United States has supplanted Brazil as the European Union's top supplier of soybeans since a deal in July with President Donald Trump to avert a trade war, according to EU data seen by Reuters on Thursday.
Brazilian farmers sped up soy and corn plantings this week for the country’s next grain crop, under favorable weather conditions and a positive market outlook, despite a sharp fall in soybean futures in Chicago on Tuesday. Soybean planting in Brazil’s second-largest producing state of Paraná reached 9% of the expected final area this week, up 8 percentage points from last week and compared to only 1 percent at this time last year, as ample soil moisture allowed for a quick start of fieldwork.
A Brazilian court this week overturned an injunction banning products containing the herbicide glyphosate, knocking down a previous ruling that had been set to disrupt the soy planting season set to begin this month.
An annual U.S. soy exporters' conference wrapped up on Wednesday without any known sales to Chinese buyers, in sharp contrast to previous years when billions of dollars of the main U.S. cash crop have been signed over to China in elaborate ceremonies.
Brazilian farmers were forecast to expand the country’s soybean planted area for the 12th consecutive year amid strong demand from Asia and in spite of risks related to the exchange rate and higher freight costs. Brazil is likely to expand the area to a record 36.28 million hectares this season, which farmers will start planting around September, a 3.2% expansion from the previous cycle based on government data.
Brazil will surpass the United States as the largest producer of soybeans this year, taking over the top ranking for the first time in history, oilseeds crusher group Abiove said on Friday. The U.S. is expected to harvest 116.48 million tons of soybeans later on in 2018, falling short of Brazil’s estimated collection of 117 million tons for its crop year that is just drawing to a close, Abiove said, citing United States Department of Agriculture figures released on Thursday.
Farm equipment manufacturers in Brazil are expecting g on strong sales this year, boosted by a second straight bumper soy crop and rising grain prices, which will more than offset weakness in the sugar cane sector, they said at a major trade show. Some machinery producers are forecasting sales growth as high as 8% in 2018 as farmers’ confidence rises and record-low interest rates encourage them to borrow and invest.