Soybean Exports Increase is Supporting Soybean Prices
June 8, 2020
The Chinese had been importing large amounts of Brazilian soybeans because of historically low prices due to the weak Brazilian Real. However, over the last three weeks, the Real has strengthen 16% while at the same time the US dollar has dropped by 7%, making US soybeans cheaper than Brazilian soybeans. On Friday the USDA reported increased US soybean exports, a portion of which were from unknown private buyers. It is believed the unknown buyers are Chinese. Soybeans prices have rallied from their lows and are now supported by US soybean prices being more competitive on the world export market.
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