Brazil is looking to slim down its bulging soybean stockpiles after four years of record output, selling four 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. “The U.S. really needs to have strong exports this year A worker harvests soybeans at a farm near La Gloria, Brazil, October 19, 2016. China is predicted to import 86 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 four years of record output, selling four 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. A worker harvests soybeans at a farm near La Gloria, Brazil, October 19, 2016. China is predicted to import 86 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.