Paraguay consolidating as the world's third exporter of soybeans

Paraguayan exports of soybeans are gaining steam, according to shipment data provided by Marine Link. Farmers are accelerating sales due to a stronger global market and higher prices for the oil seed. Accordingly the landlocked Mercosur member’s oil seed shipments in May reached 1.13 million metric tons, an increase of around 34% over the previous month. This is by far the best month so far this year. Paraguay surpassed its drought-hit neighbor Argentina, while, last year, it ranked third among global exporters. It is predicted that it will harvest a soy bean crop record of more than 10 million tons in 2023/24. Low river levels had slowed down shipments, which were crucial for barges that transport the grain downstream the Paraguay and Parana rivers. Manuel Ferreira is a former finance minister and local consultant said, “Now the situation has improved for the Paraguayan farmers who still have grains.” The July soy futures have also reached around US$ 325 in Rosario after falling ...