Brazil’s Export Pull Tightens Crush, Europe’s Margins Firm, Palm Lifts POGO
China imported 11.67 MMT of soybeans in July, a record for the month and up 19% year-on-year, taking MY24/25 imports to 84.22 MMT with two months to go. Yet there are still no U.S. new-crop sales to China. CBOT board crush for Q4 is holding at 195–211¢/bu (about $72–78/mt), still elevated but easing from highs. In Brazil, the squeeze is export-driven: a heavy bean program has drained interior supply, lifting FOB Paranaguá soyoil basis to –$250/t for September and –$350/t for Oct/Nov/Dec. Local crushers are struggling to secure beans, slowing runs or shutting down despite strong oil prices.
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