SAO PAULO (Reuters) – Brazil’s soybean exports surpassed 10 million tonnes in April, government data showed on Wednesday, close to an all-time monthly record as local farmers begin to benefit from a trade dispute between China and the United States.
Brazilian shipments totaled 10.26 million tonnes last month, foreign trade agency Secex data showed, just below the 10.43 million tonnes registered in April 2017 and not far from the record 10.96 million tonnes record exported in May last year.
After Beijing’s decision to announce a 25 percent tariff on U.S. soybeans last month, Brazil became a candidate to replace at least part of U.S. supplies to China.
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Brazil is also on track to harvest a bumper crop of about 117 million tonnes this year, surpassing last year’s 114 million record tonnes, according to fresh projections by consultancy INTL FCStone on Wednesday.
Soren Schroder, chief executive of agriculture trader Bunge Inc, said on Wednesday U.S. soy sales to China ground to a halt after Beijing announced the tariffs. He added Brazil and Canada are increasing soybean sales to the world’s largest importer as a result.
INTL FCStone predicts Brazilian exports should break a new record this year, hitting 70 million tonnes amid international trade tensions and crop failure in Argentina, the world’s third largest soy producer.
