Soybean exports from Paraguay accelerate in May with price recovery

Published 2024년 6월 12일

Tridge summary

Paraguay has experienced a 34% increase in soybean exports in May, reaching 1.13 million tons, due to a rise in commodity prices and intense sales by farmers, despite challenges in river transport caused by low water levels. The country expects to harvest over 10 million tons in the 2023/24 harvest, with a total of 4.6 million tons already exported by the end of May. However, ongoing severe drought in the Pantanal region of western Brazil is expected to continue causing delays in shipments by reducing the capacity of barges. Demand for Paraguayan soybeans is increasing from Argentina, a major global exporter of soybean oil and meal.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

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 ...

Source: Portal Do Agronegocio