record high in its soybeans exports to China. As of the end of 2018, the local industry association estimated that the country’s total soybeans output will reach 120 million to 125 million tons – a new high – in 2019.
Brazil will enter the harvest season for soybeans in coming months. As China restarts to im
port more from the US, companies in Brazil have also lowered their expectations for soy oil exports.
Brazil’s exports are expected to fall to 400,000 tons this year versus 1.43 million tons last year in terms of soy oil exports, according to Amaral.
Still, the Brazilian industry representative remained optimistic about the future of soybeans trade with China.
“Even with the more intense participation of US products in the Chinese
market, we believe China will continue to need Brazilian soy to fulfill its domes
tic market,” he said, noting that neither US or Brazil can adequately supply Chinese demand.
“Brazil will keep an important presence in the Chinese market,” Amaral added.
Soybeans have been a crucial element in simmering trade tensions between the two count