China is trying to make the switch to buying mostly Brazilian soybeans, but that hasn’t happened yet. StoneX Group Chief Commodities Economist Arlan Suderman says Brazilian farmers don’t want to sell their soybeans yet. “Farmers are bulled up, because of perceived drought damage in the southern third of the country. They think prices need to go higher so they’ve been refusing to sell, making it difficult for exporters to get the supplies they need to ship to China. China has been coming back for more soybeans to tide them over. I still do not think it’s enough for us to hit the USDA’s. target this year, unless the shortfall becomes greater than perceived, but it closes the gap a bit.”
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