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January 30, 2014

First New Crop Soybeans Leave Brazil Destined for China

The first three vessels loaded with soybeans are scheduled to leave the Port of Paranagua in southern Brazil this week bound for China. A total of 187,000 tons of soybeans are on the three vessels and they are the first vessels loaded with new crop soybeans from the 2013/14 growing season.

As anticipated, the first soybeans from the 2014 harvest have been arriving at the port for several weeks. Most of the soybeans originated in the states of Mato Grosso, Goias, Parana, and Santa Catarina. Currently, less than 5% of Brazil's soybeans have been harvest and that is expected to increase quickly as dryer weather allows farmers to accelerate their harvest activities. Soybean exports from Brazil during the month of February are expected to be as high as 2.5 million tons, which if achieved, would set a record for the month.

As of this week, approximately 320,000 tons of soybeans have arrived at the port.