According to S&P Global Platts, Brazil totally produced 120 million ton soybeans in the season of 2019/2020. Due to large amount devaluation of domestic currency, strong domestic oppressing and drive of import demands in China, Brazil has sold 93% soybeans as of July 17, increasing 18% year on year.

In the past 12 months, the Brazilian Real to USD is devalued about 43%, so that Brazilian soybeans have strong price competitive strength in the international market. At present, Brazilian soybean growers are selling the future soybeans in next year by virtue of price advantage. As of July 17, about 42% soybeans in next year have sold out, increasing 16% on year-on-year basis.