Chinese buyers switch August shipments of U.S. soybeans to Brazil
Foreign media July 7 news: U.S. brokers said Chinese buyers were swapping U.S. soybeans for Brazilian supplies because of more attractive prices for Brazilian soybean supplies recently.
At least five shipments of soybeans scheduled for August in the U.S. will be diverted from South America, people familiar with the matter said.
The recent sharp rise in the dollar exchange rate, hitting a 20-year high, has also made Brazilian supplies more attractive.
Terry Reilly, an analyst at CB Futures International, said the move was unusual because Brazil’s soybean exports typically decline at this time of year.