The evolving developments with tariffs between the U.S. and China continue to influence the outlook for soybean prices, reports Successful Farming.
As Chinese tariffs went into effect, a price gap opened between Brazilian and U.S. export prices. The gap continually widened when comparing an index of soybean prices at the port of Paranagua and New Orleans prices since early June. The gap reached its broadest level late last week at an approximately $1.90-per-bushel difference.
Brazilian soybean exports attained record levels in May with exports coming in at 453.7 million bushels.
The USDA soybean export estimate for the 2017-18 marketing year currently sits at 2.11 billion bushels, an increase of 45 million bushels since the June estimate. An expectation of additional bushels added to soybean exports for the 2017-18 marketing year looks probable based on recent export reports.
Read the full report here.
