The lineup of vessels expected to load soyabeans at Brazilian ports over the next month shows a spike in shipments to around twice the level of a year ago due to a speedy harvest and strong global demand. Port schedules suggest around 4.39 million tonnes of soyabean exports in February and early March, 97 percent more than a year ago, according to data from shipping agency Wilson Sons compiled by Reuters on Tuesday.
Brazil is the world's largest soyabean exporter, and international markets rely on its exports as the supply of US soyabeans fades at this time of year. "The lineup reflects strong international demand, combined with a faster harvest and smooth port operations," said Steve Cachia, senior analyst at Brazilian brokerage Cerealpar and consultant for Kordin Grain Terminal, in Malta.
Soyabeans have also avoided competition from corn for port capacity, which slowed shipments early last year. Preliminary customs data showed soyabean loadings in Brazil during January rose 51 percent from a year earlier, while corn shipments were down 73 percent. Brazilian farmers have harvested more than 4 percent of planted area, according to Brazilian consultant AgRural, slightly ahead of last year.
"The soyabean harvest is a little ahead of usual, meeting with strong interest from external buyers," said Thiago Pierry, trade analyst at Wilson Sons shipping agency. The country is expected to produce a record crop of 101.7 million tonnes in 2017, with exports projected at a record 58 million tonnes, according to industry group Abiove.
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