Brazil exports soybeans to the USA for the first time this year

Published Feb 24, 2024

Tridge summary

Three cargo ships are set to load soybeans at two ports in northern Brazil for the United States, marking the first such shipments since last year. This comes despite a crop failure in Brazil, with the 2023/24 soybean production cycle predicted to be the country's second largest. The significant price difference between Brazilian and US soybeans, which offsets the shipping logistics cost, is the reason for these shipments. Poultry company Perdue Foods is the charterer of all three ships.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

By Karl Plume and Roberto Samora (Reuters) - At least three cargo ships are preparing to load soybeans at two ports in northern Brazil bound for the United States, according to shipping data seen by Reuters. The unusual shipments from the world's biggest soybean supplier, Brazil, to the No. 2 producer and exporter, the United States, would be the first of their kind since last year, according to government data. In 2023, with a record harvest in Brazil, soybean exports to the USA soared to 420 thousand tons, versus only 4 thousand tons in 2022, a typical year in terms of Brazilian shipments to the North Americans, which are normally less expressive. Scheduled shipments from Brazil to the USA in 2024, however, already total more than 100 thousand tons, according to maritime agencies. Soybean futures traded on the Chicago Stock Exchange ended at a new three-year low on Friday, amid concerns about slow U.S. exports and news that Americans are buying the oilseed from Brazil, according ...
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