Brazil Soy Shipments Extended Two Months on Ports Backlog
Brazil soybean shipments, which typically are made through May, will be extended at least until July as a record crop from the world’s top producer clogs ports and roads.
“This is totally atypical for this time of the year,” Isis Markarian, an analyst at Santos, Brazil-based consulting company SA Commodities said today in a telephone interview. “Waiting time has exceeded all expectations and I’m sure it made export costs increase a lot,” she said.
Soybean vessels have been waiting as much as 39 days to load at the country’s main port of Santos, and 55 days at the second-largest oilseed port of Paranagua. That compares with an average of 10 to 15 days a year ago for both ports, she said.
Brazil is forecast to surpass the U.S. in the 2012-2013 crop year to become the world’s largest producer of the oilseed after a drought cut U.S. crop yields. Farmers in Brazil will harvest 83.5 million tons, compared with U.S. output of 82.1 million tons, the U.S. Department of Agriculture said May 10.
China is the top buyer of soybeans from Brazil, according to Brazil’s Ministry of Agriculture website.
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