The USDA reported that 458,000 tonnes of US soybeans were sold to undisclosed destinations
- Traders and analysts said the destinations included EU soybean producers such as the Netherlands and Germany
- If entire volume is confirmed going to the EU, it's the largest one-off sale to the EU in 15 years
- Trade tensions between US and China have accelerated buying in soybeans from Brazil by China
- Brazilian export premiums have hit historic highs, making US soybeans a cheaper alternative
A temporary (?) kink in the trade alignment as Chinese producers move away from US to Brazil and European producers move away from Brazil to the US. Not sure who wins in all of this, but if the US is able to replace their China exports with EU exports I don't think Trump will be all too unhappy with that.
More here from Reuters.
