Brazil lowers exports forecast to China following recovery of

Brazil, the largest soybean producer in Latin America, lowered its exports expectati

ons to China following China-US trade talks that have brought a soybeans deal back to the table.

After the latest trade talks concluded on a positive note, China agreed to purchase more agricultural products from the US, particu

larly of soybeans, which US President Donald Trump described as a “tremendous purchase.”

Amid strong signals from the resumption of the China-US soybeans trade, Brazil lowered its forecast for exports to China in

2019, an industry representative from the South American country told the Global Times on Saturday.

“This development lowered our expectations for Brazilian soybeans expo

rts to China compared to the previous year,” Daniel Furlan Amaral, chie

f-economist of Brazilian Association of Vegetable Oil Industries (ABIOVE), told the Global Times.

Brazil will export 70.1 million tons of soybeans in 2019, Abiove said in a release late Monday, down 3.8 million tons on its prev

ious projection made in December and a sharp fall from the 83.8 million tons that the country exported in 2018.

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