At least three cargoes of Brazilian soybeans were traded on Friday to a U.S. East Coast crusher, which is not typical for this time of year, trade sources told Agricensus. Three cargoes were booked for shipment the last half of February, with the soybeans likely to depart from Brazil’s northern arc ports along the Amazon River. End-users import some Brazilian soybeans to the East Coast during most years, though those shipments are typically for summer delivery. The $1.35 discount to March soybean futures the cargoes were booked at is also not usual for this time of year. Plunging Brazilian soybean prices have made arbitrage trade viable for East Coast destinations.
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