According to Bloomberg Reports, Brazilian soybean shipments – which typically run through May – will be extended until at least July as a record crop from the South American nation has created a backlog at ports and on roads.
Isis Markarian, an analyst at SA commodities stated that “This is totally atypical for this time of the year”.
Soybean vessels have been waiting as much as 39 days to load at Santos, the country’s main port, and 55 days at Paranagua, the nation’s second-largest oilseed port. This usually compares with an average of 10 to 15 days a year ago for both ports.
According to the U.S. Department of Agriculture , 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.
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