Feb 11, 2010
Russia Importing Brazilian Soybeans
Author: Michael Cordonnier/Soybean & Corn Advisor, Inc.
Brazilian and Russian officials resolved their difference in meeting held in Berlin in January and as a result, the first vessel of Brazilian soybeans is on its way to St. Petersberg. The vessel was loaded with 24.4 thousand tons of soybeans at the Amazon River port of Itacoatiara. A second vessel for Russia is scheduled to be loaded this week from the same port.
Russia has invested in poultry and swine production and they need the soybeans and soybean meal as feed rations. Conab is estimating that the Brazilian soybean crop will be 66 million tons and that 26 million tons will be exported to other countries.
Brazilian farmers have sold approximately 31% of their anticipated soybean production. In the center-west region, approximately 45% has been sold and in the state of Mato Grosso approximately 54% has been sold.