The amount of soyabeans to be loaded at Brazilian ports in March and early April is down 40 percent from year-earlier levels, despite a record crop in the country, after hefty shipments earlier this year. Data from shipping agency Williams showed ships were assigned to load 6.26 million tonnes of soyabeans at Brazilian ports, down from 10.6 million tonnes a year earlier.
Analysts said slower farmer sales might be behind the smaller lineup as a strengthening local currency, which reduces the value of soyabeans denominated at home, made it less attractive for farmers to export. Larger-than-usual shipments in January and February might also be a factor. Brazil, the world's largest soyabean exporter, is in peak shipment period as around half of a record crop has been collected. If domestic farmers keep waiting for better prices, this could open an exporting window for other countries.
Soyabean producers in Brazil sold 45 percent of the crop so far, compared with 54 percent a year earlier and a 50 percent multiyear average. Brazilian soya industry association Abiove projects total exports of 58.7 million tonnes in 2017, compared with 51.58 million tonnes last year.
The smaller lineup "has a lot to do with farmers' resistance to sell, but in January and February we shipped a lot," said an analyst with a global commodities trader, who requested anonymity to discuss the issue freely. Brazilian soya exports reached 3.51 million tonnes in February, a record volume for the month and 72 percent above year-earlier levels.
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