Brazil cuts into U.S. soybean market share in China
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Brazil cuts into U.S. soybean market share in China

Posted by | November 7, 2017 |

Brazil is expected to win a larger share of China’s soybean imports in coming months, hitting U.S. exporters during the peak marketing season for their most valuable farm product as the world grapples with a fifth consecutive bumper crop.

China is expected to buy about five million tonnes of soybeans from Brazil for the fourth quarter of 2017, two senior trade sources said, double the 2.49 million tonnes shipped over the same period last year.

For U.S. soybean exporters, the October-December period is crucial, accounting for an average of 53 percent of calendar year shipments for the past five years, according to U.S. Census Bureau trade data.

China, the top importer of American agricultural goods, ships in more than 60 percent of the oilseed traded worldwide. Brazil normally has little left for exports by around October, but a record 2016/17 crop of 114.1 million tonnes means it still has unsold stocks.

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