Brazilian farmers have sold 56.5% of their beans in advance through December 4, Safras & Mercado, an agribusiness consultancy, said in a statement last Friday. Considering Brazil is poised to collect 133.517 million tons of the oilseeds this season, the volume of pre-sold soy amounts to an estimated 75.403 million tons, Safras said.
According to the Systematic Survey of Agricultural Production (LSPA), released on Tuesday, June 9th, by the IBGE, the country will harvest 245.9 million tons of cereals, legumes and oilseeds by the end of the year, up 1.8% (4.4 million tons more) compared to 2019.
Intense rains in parts of Brazil have limited the advance of the soybean harvest over the past few days while also delaying exports of the oilseed, agribusiness consultancy Arc Mercosul said on Friday.
Brazil’s soybean sowing season for the 2019-20 harvest is officially underway, but there might not be too many planters out in the fields just yet as conditions are extremely dry.
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.