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Chinese buyers still prefer Brazilian soybeans over Argentine beans despite the Argentine peso falling about 21% against the dollar. Brazilian beans offer 37% protein versus 35% for Argentine, and crushers would need a discount of at least 40 cents a bushel to switch.
Russian soybean imports to China are expanding after customs approved shipments from all Russian regions.
Brazil is gaining share of Chinese soybean demand as US supply is shut out, supporting Brazilian export prices and shifting trade flows away from US beans. Argentine peso weakness is a modest offset that has not yet pulled Chinese buyers over.
datamarnews.comSylvia SchandertAug 20, 2019After 250 past neutral trade events, Soybeans moved a median +0.0% over 5 sessions (50% higher; middle half -1.4% to +1.6%), and -0.2% over 20.
After 26 past neutral trade events, Brazilian Real (BRL per USD) moved a median -0.1% over 5 sessions (46% higher; middle half -1.4% to +1.4%), and +1.3% 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.
