(Emma Cosgrove – Supply Chain Dive)
Brazil and Canada have seized the opportunity presented by the trade war between the U.S. and China to boost soybean sales to the world’s largest purchaser of the crop. Soy exports from Brazil were up 85.2% year over year in the first two months of 2019, according to data from BIMCO.
Canada quadrupled its January 2018 soy exports to China in January 2019, according to Bloomberg.
Since U.S. exports have been low due to tariffs, stocks in storage are high, which could lead to a price drop should the tariffs be lifted. Both Brazil and Canada are preparing for this possibility, according to reports. Click here to read more.
- Canada Steals Market Share From U.S. as China Soy Tariffs Bite (Bloomberg)
- Brazil Preparing for End of US-China Trade War, Mulls Response: Officials (Reuters)
- Canadian Farmers Focus on Crop Rotations Amid Trade Tensions (Bloomberg)
- Crops Close Lower as U.S. Indicates Doubts on End-of-Month Trade Deal With China (Born2Invest)