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Brazil pushing US out of soybean market

  • By Al Mayadeen English
  • Source: News Websites
  • 25 Jul 2023 22:14
  • 1 Shares
3 Min Read

China has been the dominant customer in the global soybean market, and for years Brazil has been taking that trade away from the US.

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  • Brazil pushing the US out of soybean market
    A combine harvester crops soybeans in a field at Salto do Jacui, in Rio Grande do Sul, Brazil on April 6, 2021. (AFP)

During the regular season lull, China's increased reliance on Brazilian soybeans signifies a move away from the US, as South American shippers dominate the market, affecting American farmers and geopolitics.

China has been the dominating customer in the global soybean market, and for years, Brazil has been taking that trade away from the US.

South American shippers are now even beginning to dominate during the traditional season slowdown.

Sources with insight on the deals say Chinese buyers are buying up Brazilian soybeans for delivery in October, a time of year when US shipments are generally at their height, while more sales are still anticipated for the fourth quarter. 

The sales are occuring as Brazil harvests a record crop, while providing far cheaper pricing than competitors. They also highlight President Luiz Inacio Lula da Silva's aim to strengthen connections with China as part of Latin America's largest economy's growth strategy.

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Thiago Milani, head of trading and origination for 3Tentos, a family-owned agribusiness company in Brazil, stated that competitive premiums are still available "for at least another month or so," touching on the country's shipping costs.

As Brazilian output grows, American farmers are losing their competitive advantage in global agriculture markets. Geopolitical pressures have also encouraged China to seek closer connections with South America and diminish its historical reliance on the US.

Bloomberg statistics indicate it is now lucrative for Chinese processors to crush Brazilian beans to generate cooking oil and animal feed, but margins for US suppliers are negative. As a result, Chinese customers are purchasing Brazilian cargo earlier in the season.

According to Alphamar shipping service, five boats have already been purchased and are expected to pick up cargo in Brazil in September. According to shipping records, this is the earliest in the season for that type of commerce.

Arthur Neto, Alphamar’s commercial director stated that “There’s huge stocks at farms now that will find their way to the ports over the next few months, so we will see more vessels on the lineup soon."

The sales also come as severe drought puts a strain on US crops, which are generally harvested beginning in September. Before rains came to the Midwest in June, the American soy crop was in the worst condition in three decades.

  • United States
  • Soybeans
  • China
  • Brazil

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