Brazilian beef exports could resume soon
Brazilian and Chinese officials had a virtual meeting this morning to discuss the resumption of Brazilian beef exports following a recent suspension due to the detection of a case of mad cow disease.
A Brazilian official said they expected to receive an answer about resuming trade in a day or two.
National average beef prices in China have been steady since the suspension with prices on Wednesday at 76.99 yuan per KG.
Wednesday’s trading action was mostly bearish, with only corn and eggs managing some marginal gains on low volume while the oilseed complex saw big drops.
Soybean oil futures fell to the lowest level in over two weeks as increasing crushing and rising oil stocks pressured the market.
Domestic No.1 soybeans continued their selloff and have fallen 9 consecutive days. Prices are now down over 5% in under two weeks.
Peanuts dropped sharply following several weeks of highly volatile trade as the market weighs weak domestic demand against sharply lower domestic crop prospects and large imports.
This selloff is also notable as the CNY was weaker today and hit the lowest level of 2023 at 6.977 intraday against the US Dollar.