It is reported that the main reason for the import of Brazilian soybeans is that China has increased the shipment of Brazilian soybeans and the recent decline in Brazilian soybean prices.
According to sources from the market, the US Department of Agriculture's data on foreign agricultural services showed that the recent withdrawal of China's imports led to a decline in US soybean exports to China by about 133,700 tons. Of these, 66,000 tons were immediately resold to Vietnam. At the same time, 82,700 was sold to Mexico, 68,800 tons were sold to Taiwan, 60,000 tons to Argentina, and 52,600 tons to the Netherlands.
In addition, as the exchange rate of the Brazilian real to the US dollar has fallen by nearly 7%, in the past four weeks, Brazilian soybeans have become the cheapest from the most expensive. At present, the soybean price in the port of Paranagua has fallen to about 90 cents relative to the CBOT July soybean price, which is more than half of the 190 cents a month ago.
At present, the freight rate from Argentina to China is about 41 US dollars per ton, the freight rate from Brazil to China is 33.50 US dollars per ton, and the freight rate in the United States is about 9.50 US dollars higher than the freight rate in Santos.
But now the price of soybeans in Argentina is 30 cents higher than that of Brazilian soybeans. The price of US soybeans is stable at 80 cents per bushel, only 10 cents lower than the premium of Brazil's Paranagua port, which is cheaper than the price of Santos. 20 cents, which makes Brazilian soybeans the world's lowest price soybeans!
Background information: 1. The main reason for the very low freight rate of imported soybeans from Brazil and the United States is that the international shipping market continues to be low in recent years. At the same time, sea transportation has no advantage in time.
2. Unit conversion: 1 ton of soybean is equal to 36.7437 bushels, and one bushel of soybean is equal to 54.43 jin.