CHICAGO, Ill. – Global soybean importers, led by top buyer China, are scrambling for a share of the smallest U.S. crop in seven years despite soaring prices, but farmers are being tightfisted with releasing supplies, said grain traders last week.
There was interest from Japan, Israel, Malaysia, Indonesia, Mexico and China – which booked at least 730,000 tonnes last week for shipment in December and January.
“They are buying our entire crop,” said one exporter, of the fast pace of Chinese buying that has helped stoke Chicago Board of Trade soy prices to their best levels in six years.
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China’s bookings are already running 80 percent ahead of last year’s pace, when China took a third of U.S. soy exports.
The strong global demand was erasing concerns that bumper soy production in Brazil and Argentina, the world’s second and third largest producers and exporters after the United States, would narrow the window for U.S. exports this season.
Brazil put its new soy crop now being planted at a record 56.1-58.02 million tonnes in its first forecast for 2003-04, which was on the low side of market forecasts.
If the forecast is verified, the new crop would be up roughly 9.7 percent on the record 52.03 million tonnes harvested in 2002-03.
