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China buys Brazilian soybeans for shipment in 2021

Posted by Marina

According to information from T&F Consultoria Agroecômica, some crushers from China bought soybeans from the Brazilian new crop for shipment in the third quarter of 2021 amid tighter margins. In this scenario, state importers were again absent in the United States, while some private industrialists were checking Brazilian soy prices in 2021.

“The premiums for US soybeans in the Gulf and Pacific Northwest on a CFR China basis strengthened slightly on the day. The November shipment from the Gulf was offered at around 225-226 c / bu on November futures and tradable levels were indicated at around 220 c / bu on the same futures. The same PNW shipment was offered at 206 c / bu on November futures against the last level traded at 203 c / bu on November futures ”, he informs.



In addition, the CFR China indicator for Brazilian soybean shipments in October rose 1 c / bu to 242 c / bu in relation to the November futures, which is equivalent to US $ 437 / mt, an increase of US $ 9.25 / t . “For the new Brazilian harvest of 2021, at least one cargo was negotiated for July 2021 with shipment at 140 c / bu on the July futures at CFR China”, he completes.

“In China, the Chinese renminbi strengthened further on Friday, reaching the strongest level in seven months, CNY6.86 per US dollar. Domestic soy bran and soy oil futures chased CBOT soy futures on the upside, increasing crushing margins on Friday. More liquid soy bran futures in Dalian gained 0.51% to CNY2,937 / mt ($ 428.13 / mt) and more active soy oil futures jumped 2.12% to CNY6,648 / mt (US $ 969.1 / mt) in 1500 Beijing hours ”, he concludes.


Source: Agrolink

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