CHINA FACES SOYBEAN GLUT AS PEAK U.S. EXPORT SEASON NEARS
China is facing an oversupply of soybeans as record high purchases boost stockpiles at a time when animal feed demand remains subdued, with prices of products such as soyoil and soymeal set to sink even lower. The soybean surplus also threatens to curb China’s appetite for imports in the September-December period, the peak marketing season for U.S. beans, putting further pressure on prices Sv1 already near four-year lows, traders and analysts said.
China’s July soybean imports, mostly from Brazil, are likely to hit a record high on lower prices and the prospect of Donald Trump returning as U.S. president and reigniting trade frictions, traders said. Hog breeders are trimming sow herd sizes in line with a government directive to curb overcapacity, and delaying slaughter in order to sell at heavier weights. In its latest report, China’s agriculture ministry forecast 2024/25 soybean consumption falling to 114.56 million tons, compared to an estimated 115.24 million tons during the 2023/24 marketing year ending September.
(Link: SuccessfulFarming)
BRAZIL HALTS SOME POULTRY EXPORTS AFTER NEWCASTLE DISEASE CASE
The world’s top chicken exporter Brazil has voluntarily halted poultry exports to some countries after a case of Newcastle disease was detected in the state of Rio Grande do Sul, its agriculture ministry said on Friday. The move comes as local authorities try to contain the viral disease after around 7,000 birds died on a chicken farm in Brazil’s southernmost state. The temporary export restrictions could affect 50,000 to 60,000 metric tons of Brazilian poultry exports “in the worst-case scenario,” ABPA said. The restrictions affect sales to 44 nations including China, Argentina, the European Union, Japan and Saudi Arabia, the ministry said. Rio Grande do Sul accounts for 15% of Brazilian poultry production and exports, according to ABPA.
(Link: Reuters)
