Soybean exports from Paraguay accelerate in May with price recovery

In May, Paraguay's soybean exports received a significant boost, after many producers postponed the closing of contracts awaiting better prices. With the recent rise in the commodity, Paraguayan farmers began to intensify their sales, even facing persistent difficulties in river transport due to low river levels. Soybean sales reached 1.13 million tons in May, an increase of 34% compared to April, making this month the most dynamic in terms of business of 2024 to date. The expectation is that Paraguay will harvest more than 10 million tons in the 2023/24 harvest. In recent months, shipments have been halted due to low river levels, crucial for transporting grain by barge. "The situation is improving for Paraguayan farmers who still have grain. Prices are recovering," said Manuel Ferreira, local consultant and former Finance Minister. Soybean futures contracts in Rosário have been hovering around $325, after falling below $280 in February. Data provided by the National Directorate ...