Soybeans fall to two-month low on expectations of higher Brazilian exports to China
Agricultural commodity futures fell after Luiz Inácio Lula da Silva's election victory in Brazil, which sent the real down 11% and improved the country's export competitiveness. Sugar dropped more than 5%, its biggest intraday decline since May; arabica coffee fell as much as 4.1% and soybeans up to 2.3%. Brazil is the world's largest exporter of soybeans, sugar, coffee and cotton, and accounted for nearly 80% of China's soybean imports in the first nine months of the year.
In 35 seconds
- The Brazilian real plunged 11% after Lula's surprise reelection, according to the text.
- Sugar fell more than 5%, arabica coffee up to 4.1% and soybeans up to 2.3%.
- Brazil accounted for nearly 80% of China's soybean imports in the first nine months of the year.
Read the full story at Bloomberg Línea
IASummary generated by artificial intelligence from a story by Bloomberg Línea. It may contain errors: the original source prevails.
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