Brazil shrugs off US-China soybean deal as seasonal trade

Mauricio Buffon, president of Brazil’s Soybean Producers Association (Aprosoja), said the volume announced by Washington and Beijing on Wednesday should not alarm Brazilian exporters, framing it as part of normal supply cycles.

“It is a movement that happens every year,” Buffon said in an interview to CNN Money Brazil.

“The United States has soybeans available now because they have just harvested. Brazil, on the other hand, is planting the new crop and has low stocks.”

The accord, unveiled after Presidents Donald Trump and Xi Jinping met in South Korea marks a potential turning point for American farmers battered by months of suspended Chinese orders.

Under the deal, China would immediately resume agricultural purchases whilst also reducing certain trade barriers and import tariffs.