Cargonave sees increase in Brazil’s soybean exports in August

The schedule of ships exporting soybeans from Brazilian ports started to point out the possibility of an increase in the country’s exports in August compared to the same month last year, according to data compiled by the maritime agency Cargonave.

According to the agency, the country’s soybean exports should reach around 6 million tons this month compared to 5.57 million tons of shipments in August 2020.

Up until last week, Cargonave’s ship schedule pointed to shipments of 4.9 million tons of soybeans in August – adjustments in the “line-up” occur throughout the month.

Brazilian corn exports were expected to drop compared to the same month in 2020, with the country being affected by crop failure.

But the shipping schedule points to higher shipments compared to those projected in the “line-up” at the beginning of the month.

Now Cargonave projects corn exports in August of around 4 million tons, which is 1 million tons above the schedule seen in the previous week, but below the 6.7 million tons in the same period last year.

Soybean meal exports are estimated at 1.55 million tons, versus the 1.12 million announced last week and the 1.6 million tons exported in August 2020.

Source: Money Times

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