Geopolitical tensions have also prompted China to seek deeper ties with the South American nation and reduce its historical reliance on the US. “We still have competitive premiums for at least another month or so,” Thiago Milani, head of trading and origination for 3Tentos, a family-owned agribusiness company in Brazil, said referring to the country’s shipping prices.Īmerican farmers are losing their competitive edge in the global agriculture markets as Brazilian production expands. They also reflect President Luiz Inacio Lula da Silva’s plan to seek closer ties with China as part of his growth plan for Latin America’s largest economy. The sales come as Brazil is reaping a record crop and offering much lower prices than rival producers. More deals for the fourth quarter are still likely to be done, according to people, who asked not to be identified because the deals are private. Now, South America’s shippers are even starting to dominate during the typical season lull.Ĭhinese buyers are snapping up Brazilian soybeans for delivery in October, a time of year when US exports are typically at their peak, according to people familiar with the trades. For years, Brazil has taken an increasingly bigger share of that trade away from the US. (Bloomberg) - The world’s soybean market is dominated by one major buyer: China.
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