Brazil's soybeans are expensive, China buys American soybeans

Introduction: China is said to buy a ship of American soybeans overnight and ship from the Pacific Northwest port of the United States Chicago, June 5 (Reuters) - Asian and European soybean importers are cool about purchasing soybeans from Brazil as Brazilian prices are overtaking us soybeans, while US soybeans are attracting new demand, US grain trader said Wednesday Exporters say Brazil's soybean harvest is nearing its end, but the price of soybeans is higher than that of us soybeans, which is really unusual Exporters added that farmers were reluctant to sell food because of the devaluation of the Brazilian real It's unusual for Brazil's soybean prices to be so high in June that farmers are reluctant to sell beans, according to traders at an international trading company So this has brought new business to us soybeans, such as from China, Indonesia, Turkey and South Korea This year we have some customers who used to buy soybeans from South America Brazil and Argentina are the second and third largest soybean producers and exporters after the United States, respectively, and usually dominate the world export market at this time of the year as American farmers are busy planting spring crops But this year, Argentina's domestic economy is in turmoil and the currency exchange rate has plummeted, resulting in a sharp decline in soybean sales It is rumoured that overnight, China bought a US soybeans ship of Panamanian class, which will ship from the Pacific Northwest port of the United States, because it only takes 18 days to ship from this port to Asian countries, while it takes 30 days to ship from Brazil to Asia Traders said the Chicago Board of trade's soybeans closed up 4 cents at $5.1375 a bushel in July and 1.75 cents at $4.83 in November due to these new demands Brazil's soybean price for June shipment is 35 cents per bushel on CBOT's July soybean price, while the U.S Gulf of Mexico's soybean price is 35 cents per bushel Exporters say the price comparison relationship between Brazilian soybeans and US soybeans has helped to generate new demand for us soybeans, which is why soybeans rose 4 cents in July We've seen demand rise, and it looks like China has bought a ship of soybeans from the west coast In addition, Japan and South Korea are also interested in purchasing American soybeans, rather than buying soybeans from Brazil and Argentina There are also some new purchasing interests in Europe At present, the price advantage of American soybeans over Brazilian soybeans comes from the lower U.S ocean freight rate The freight from Pacific Northwest port to Asia is discounted by 1.50 US dollars per ton, which is 4 cents per bushel Another trader said that some buyers are looking forward to the listing of new soybean supplies in the United States and the sharp drop in soybean prices after Argentina and Brazil finally began to list, so they now choose to leave the market to wait and see Traders say prices may fall, but it may start at very high prices, so the actual price will not be much lower than it is now Traders expect China's soybean import demand to increase (author:) share to feed Weibo share to: