The share of Brazil’s exports destined for China rose to 85 percent in Aug. 7 percentage points above the previous month, following the implementation of Chinese tariffs on U.S. soybeans, the Agriculture Department’s Foreign Agricultural Services said in its monthly oilseeds report.
“This has resulted in higher prices for Brazilian soybeans that discouraged purchases by importers other than China. This trend seems likely to continue and may strengthen in the coming months,” FAS said.
