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Chinese soybean importers have turned to Brazil for October shipment cargoes because US Gulf and Pacific Northwest supply is short. Six Brazilian cargoes were booked at record premiums of 417 to 425 cents a bushel over November futures.
The buying follows Hurricane Ida's disruption of US Gulf exports.
Chinese demand shifting to Brazil at record premiums signals tight prompt supply outside Brazil and supports Brazilian soybean prices. It also shows US export competitiveness is impaired during the harvest season.
fastmarkets.comCai ChenSep 14, 2021After 696 past bullish trade events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.3% to +1.9%), and +0.7% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
