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Soybean prices firm despite China-US tensions
3 June 2020, 17:14
The American markets were firm yesterday in soybeans, welcoming the continued Chinese purchases, despite the geopolitical tensions between the two countries, Agritel informs.
It should be noted that at the moment, the American origin is more competitive than the Brazilian origin, the consultancy comments.
"There is a new sale of 132,000 t of US soybeans to China, even if the Chinese authorities asked their national companies to avoid American origins, in the context of the tensions between the two countries linked to Hong Kong," the report reads.
Rapeseed benefits from the support of crude oil, soybean and palm prices. The same is true for canola, even if the destination to China could be closed for Canadians due to the Huawei affair.
Analysts of INTL FC Stone reviewed the estimates of Brazil's soybean production in 2019/20. The revised indicator is slightly higher than Conab's estimate in May (120.3 mln t) and it is also higher than soybean production in Brazil in the previous season (115 mln t).
