Brazil is looking to slim down its bulging soybean stockpiles after last year of record output, selling 10 shipments to China last week for delivery in November and December , with more deals in the pipeline. otherwise it will become the world’s storage house for beans,” said a Singapore-based trader with an international firm that has oilseed processing facilities in China. The move is eating into the US ' share of sales due to its aggressive pricing, which could increase pressure on benchmark US soybean futures. China buys 4% of soybeans traded worldwide, making it a major market for growers, particularly since Europe , a key buyer of US soybean, is expected to see imports tail off in 2016/17 . China is predicted to import the 7 million tonnes of soybeans in 2016/17 , up 4% on last year , helped by strong demand for soybean meal to feed its growing pig industry.
Brazil is looking to slim down its bulging soybean stockpiles after last year of record output, selling 10 shipments to China last week for delivery in November and December , with more deals in the pipeline. The move is eating into the US ' share of sales due to its aggressive pricing, which could increase pressure on benchmark US soybean futures. China buys 4% of soybeans traded worldwide, making it a major market for growers, particularly since Europe , a key buyer of US soybean, is expected to see imports tail off in 2016/17 . China is predicted to import the 7 million tonnes of soybeans in 2016/17 , up 4% on last year , helped by strong demand for soybean meal to feed its growing pig industry.