Brazil, the world's No 1 soya exporter, is expected to import around 1 million tonnes of the oilseed in coming months from its largest global competitor, the United States, as local supplies dwindle, according to Sao Paulo-based grain trader Agribrasil.
It would be the first time that the South American nation, an agricultural powerhouse, needs to import large volumes of soyabeans from the United States - a result of massive exports by Brazilian soya producers to China in recent months after the Asian nation slapped a 25 percent import tariff on US beans. The deals will be necessary to supply Brazilian soya processors in the inter-crops period as most of the beans produced in Brazil in the last season have already been sold or are booked for exports, Agribrasil's CEO Frederico Humberg told Reuters on Tuesday.
"We are going to see American soya entering Brazil pretty soon," said Humberg, who founded Agribrasil in 2016 after having worked for years in some of the largest firms in the sector such as Bunge, Glencore and Gavilon. Humberg sees Brazilian soya exports reaching 80 million tonnes this year, a sharp increase compared to the 68 million tonnes shipped last year.