Commodities
Cheap Brazilian Soybeans Spark Surprise US Purchases
- US rarely imports Brazilian soybeans at this time of year
- Brazil’s crop is turning out bigger than thought after drought
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Brazilian soybeans are so cheap that they’ve attracted rare US purchases.
Three cargoes of the oilseed — used to make cooking oil and animal feed — were sold to American chicken producer Perdue Farms, according to people familiar with the deal. The spot sale surprised traders as the shipment is set to arrive at a time when the US, also a major producer, has just finished harvesting its own crop.