Brazil soybean exports skyrocket
“Improved loading rates and an insatiable international customers have seen Brazil’s loading rates for soybeans pick up over the past week, with a total of 2.2 million mt [metric tons] leaving in the week ending Aug, 17,” the AgriCensus Daily Report said Thursday.
The report continued, “That’s nearly 1 million mt higher than seen during the same period of 2017.
“So far, 4.9 million mt of beans have left Brazil in the first half of August, around 82 percent of the entire volume seen in August 2017, and full month exports on track to beat expectations of 8 million mt.
“An estimated 80 percent is destined for China, in line with the June and July figures, with the country increasing its Brazilian purchases following an escalating trade war with the U.S.
“Yet, with Brazil’s record bean crop coming to an end, China is set to move back to U.S. production by the end of the year, despite the country having record stocks of close to 10 million mt.”