Harvesting delays in Brazil, the world’s top soybean producer, are prompting buyers led by China to rely on rival exporter the United States for longer than usual in 2021, according to government data and traders.
According to a report at the Hellenic Shipping News, sustained demand for U.S. soybeans is accelerating an historic drawdown of U.S. supplies of the oilseed and could further drive up soybean prices at a time of rising food inflation as countries hoard staples during the pandemic.
Concerns over tight global soybean supplies after China dramatically increased purchases in recent months ignited a 4.5% U.S. soybean futures rally last month to a 6 1/2-year high.
