ANEC reduces February soy expectations by 1 million tons

In its last report released February 18, ANEC (the national association of cereal exporters) reduced the expectation of February soy exports by 1 million tons, to between 5 million and 7.9 million tons, due to the lack of soy to load ships and the rain that is preventing harvesting and loading in ports.

“The delay in harvesting has prevented soy from arriving at the ports,” said the CEO of ANEC, Sérgio Mendes. Not only has rain prevented the harvest, but it has also prevented the loading of bulk carriers. According to Mendes, the exporters are becoming concerned about the payment of demurrage, which is a fine for remaining in port beyond the established deadlines.

According to ANEC, 137 vessels were moored in Brazilian terminals waiting for soy to be shipped on the 18th. There are another 98 vessels planned in the line-up but these have not yet reached the ports.

Brazil is expected to ship 3.2 million tons this month, according to consultancy MDCommodities, based in Chicago. The figure is slightly less than half the previous forecast of 6.5 million tons, according to Bloomberg.

Source: Valor Econômico

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