The Brazilian government has raised its forecast of the volume of soybean exports this season to 76 million tonnes from 74 million tonnes because of the strength of Chinese demand for the commodity, Reuters reports.
The news agency, citing the Brazilian agricultural statistics agency, Conab, says Brazil is likely to keep selling soybeans to China until stocks run out.
The report quotes Conab as saying: “There is a remote chance that Brazil will need to import soybeans to supply the local industry.”
Conab has lowered its forecast of the volume of corn exports this season to 25.5 million tonnes from 27 million tonnes because the harvest is smaller than before and because of the strength of domestic demand, Reuters says.
