Brazil sends highest volume of soybeans to the US since 2014

According to data from shipping agency Cargonave, Brazil is currently selling the largest volume of soybeans to the United States since 2014 to help the Americans solve a supply gap.

The increase in sales to the United States shows that the restricted supply in that country and the high prices of the oilseed are forcing buyers, crushers, and meat producers to look for supply alternatives in other countries.

A total of 238,000 tons of Brazilian soy has been shipped to the United States or will soon depart, according to data from the maritime agency and information gained from a private source.

At least five ships will take 175,000 tons to the United States in the coming days from the ports of Barcarena, Itacoatiara, and Belém, according to Cargonave data.

Every year, Brazil, the world’s largest soy exporter, sells small volumes of grain to the United States, which is also a major producer and exporter. The exception was in 2014 when Brazilians exported a record 1 million tons to Americans.

This year, however, supply in the United States has fallen to historically low levels due to strong domestic demand and exports to China. This week, with purchases on the rise, US soybean futures reached their highest price ever.

The soybean crop in the United States will begin to be harvested in September. According to market sources, low inventories there may lead to more soy shipments from Brazil to the country.

According to data from the maritime agency, companies such as Viterra, controlled by Glencore, the North American Bunge Ltd., Louis Dreyfus Co., and meat processor Perdue Farms, from the United States, are using soy from Brazil.

Source: Diário do Comércio

To read the full original article, access the link below:

https://diariodocomercio.com.br/agronegocio/pais-envia-maior-volume-de-soja-aos-eua-desde-2014?utm_campaign=semana_20_primeiro_nome_viu_as_ultimas_noticias_do_comex_ebook&mmmail_ource_medium + Station

Sharing is caring!