Brazilian Soybeans Reach US, More En Route

Posted by Eric Haun
Tuesday, May 27, 2014
Vessel map

Two bulk shipments of Brazilian soybeans arrived at the U.S. ports of Wilmington, North Carolina, and Norfolk, Virginia, over the weekend, the first large South American shipments to hit the U.S. East Coast this season, Reuters shipping data showed.

They were the latest shipments since two cargoes arrived at the U.S. Gulf Coast early last month, starting the country's biggest wave of soy imports in history, with about 2 million tonnes expected to reach U.S. shores over the next two months.

The United States, the world's biggest soybean producer and second largest exporter, is expected to import a record 2.45 million tonnes of soybeans in the year ended Aug. 31 to alleviate the tightest supplies in a decade, according to the U.S. Department of Agriculture.

The Maia, which was loaded with 66,000 tonnes of soybeans at Brazil's Sao Francisco do Sul port in early May, reached Wilmington on Saturday. The smaller CS Chara, loaded with 30,000 tonnes at Vila do Conde port in northern Brazil in mid-May, arrived in Norfolk late on Sunday.

About 130,000 tonnes in two shipments were unloaded by a Bunge North America terminal along the Mississippi River in the first half of April.

At least seven shipments containing roughly 342,000 tonnes more are either currently loading, waiting to load or sailing for U.S. shores, shipping data showed.

Further cargoes are already sold for June and July loading, according to traders.

The traders could not confirm widespread rumors on Tuesday that two cargoes initially sold to China were canceled and at least five were being resold due to Chinese financing problems tied to poor crush margins.

"Chinese crush margins improved a little bit but they are still very negative in old-crop positions," said Dan Basse, president of Chicago-based consultancy AgResource Co.

"Last week we started to hear that seven or eight cargoes were being held up for LC (letter of credit) problems. Now we hear that two have been washed out and there's another five being reoffered into the market and there may be more working."

Importers in China defaulted on at least 500,000 tonnes of soybean cargoes last month, the most in a decade, amid poor processing margins and abundant stocks at ports. Although pork and poultry prices are now rising, suggesting better feed demand, the unprofitable crushing margins could linger for months.

Benchmark Chicago Board of Trade July soybean futures tumbled 26-3/4 cents on Tuesday to $14.88-3/4 a bushel. The 1.9 percent decline was the steepest in nearly a month.

(Reporting by Karl Plume in Chicago; Editing by David Gregorio)

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ports

Storm Surge Halts Vessel Operations at Long Beach

Two cargo terminals at the Port of Long Beach announced Wednesday, Aug. 27, that they were suspending vessel operations for the day because 10- to 15-foot high

Port of New Orleans Sponsors Agricultural Summit

The Port of New Orleans has signed on as a sponsor for the 9th annual Oilseed & Grain Trade Summit, taking place here October 7-9, 2014, at the Hyatt Regency New Orleans.

Panama Canal Opens 2nd Maintenance Congress

The Panama Canal Authority (ACP) opens today the Second International Maintenance Congress with the participation of 26 international and six local experts to promote

News

Reflex Marine to Bring FROG-6 into Mexico

Reflex Marine has been granted approval by the Mexican Merchant Marines to sell its crane transfer device, the FROG-6, in Mexico. The certification is a result

Euronav Books Profit from Sale of Chartered Ship

The owner of the 157,258 dwt containership Cap Isabella (built 2013), a vessel which Euronav had on bareboat charter, decided to sell the vessel to an unrelated third party.

Seaborne Ethane and Demand for a New Ship Type

Lloyd's Register report looks at the commercial landscape, regulatory issues and technical realities of a new trade in ethane emerging as a result of increased U.

Logistics

Storm Surge Halts Vessel Operations at Long Beach

Two cargo terminals at the Port of Long Beach announced Wednesday, Aug. 27, that they were suspending vessel operations for the day because 10- to 15-foot high

Port of New Orleans Sponsors Agricultural Summit

The Port of New Orleans has signed on as a sponsor for the 9th annual Oilseed & Grain Trade Summit, taking place here October 7-9, 2014, at the Hyatt Regency New Orleans.

Port of Long Beach Raises Small Business Commitment

The Long Beach Board of Harbor Commissioners – seeking to expand opportunities for a wider range of vendors, contractors and consultants – has set a higher goal

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Salvage Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1061 sec (9 req/sec)