Brazil Ship Backlog Expands on Record Soybean Production
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A record soybean crop in Brazil, set to be the world’s largest producer and exporter this season, is creating a backlog of ships at the country’s main ports as the harvest begins and corn is still being shipped.
As many as 126 vessels were scheduled to load 6.2 million metric tons of soybeans and corn as of yesterday, according to shipping agency Unimar Agenciamentos Maritimos Ltda. That compares with 72 ships carrying 2.8 million tons a year earlier and 47 vessels with 1.5 million tons in 2011, its data showed. The wait at Santos, the country’s biggest port, may be as many as 35 days, while the wait in Paranagua may be 15 days. Delays may affect the soybean price outlook, Macquarie Group Ltd. said.