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SAO PAULO — Falling prices due to ample local supplies are making Brazil an attractive source of soybeans, with at least two ships carrying a total of 79,150 tons of Brazilian product set to arrive in the United States over the next few days, according to shipping data. transfer.
The CS Satira, chartered by The Andersons, is expected to set sail on April 30, carrying 33,000 tonnes of Brazilian soybeans from the port of Santarem to the US, shipping data from Cargonave showed on Thursday.
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According to the data, a shipment larger than 46,150 tons will be transported by chartering company Bunge Ltd from the port of Itacoatiara on April 25.
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Representatives from Bunge and The Andersons did not respond to requests for comment.
Moving soybeans from Brazil’s record-breaking harvest to the United States could reduce the price American farmers with soybeans in storage bins receive for the crop they’ve kept since the fall.
Michael Cordonnier, president of the Soybean and Maize consultancy, said more shipments are expected in the coming months due to the price differential between US and Brazilian supplies.
“The discount is like $2 a bushel from Brazil,” says Cordonnier. “They said it was enough to pay the shipping costs. The ports are working as fast as possible.”
Recent improvements at Brazil’s Amazon river ports and several facilities on the country’s north coast also help facilitate shipments to the United States.
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Brazil, the world’s largest soybean producer and exporter, is also expected to sell large amounts of soybeans to Argentina in 2023 to make up for the neighboring country’s supply shortfall due to severe drought. . Cargonave data shows that at least 15 vessels chartered by global grain traders have sailed or will depart from various Brazilian ports, carrying a total of 475,689 tonnes of Brazilian soybeans to Argentina.
Brazilian soybean port premiums have fallen to historic lows amid warming Chinese demand and a record soybean harvest of over 153 million tonnes. (Additional reporting by Mark Weinraub in Chicago; Editing by Jan Harvey)
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