Soyabean exports from Brazil are selling at a premium of up to $1.50 per bushel above those from the US, where prices have fallen by 17% in six weeks to around $8.50, their lowest level in nearly a decade. The imposition of Chinese tariffs on US imports of soyabeans and the consequent reduction in orders from the country triggered the price drop, but the lower price has brought a rush of demand from other countries like Mexico, Pakistan and Thailand. In India, soybean farmers say they will be forced to sell off some crops as well.
Soyabean exports from Brazil are selling at a premium of up to $1.50 per bushel above those from the US, where prices have fallen by 17% in six weeks to around $8.50, their lowest level in nearly a decade. The imposition of Chinese tariffs on US imports of soyabeans and the consequent reduction in orders from the country triggered the price drop, but the lower price has brought a rush of demand from other countries like Mexico, Pakistan and Thailand. Figures from the USDA showed worldwide advance purchases of the next US crop were up by 127% YoY in June.