Agriculture Exports News

“Global soya bean exports are forecast to grow by 8% between 2023 and 2025 based on data from the United States Department of Agriculture (USDA). Stronger import demand from China will be met by larger harvests in the US and Brazil and in the near term, soya beans are expected to be a key growth driver for global grain shipments,” says Filipe Gouveia, Shipping Analyst at BIMCO.In 2023, soya bean exports rose 10.6% due to a record harvest in Brazil. However, so far in 2024 exports have stagnated as Brazil has offset a weaker harvest with inventories from the previous season.

“Brazil remains on track for a record maize harvest this year, and exports could rise 8% in 2023. Brazil could thereby become the world’s largest maize exporter this year, which would partially offset weaker harvests in the US, Argentina, and Ukraine, and benefit panamax and supramax ships,” says Filipe Gouveia, Shipping Analyst at BIMCO.Exports of Brazilian maize are expected to strengthen from June onwards as Brazil harvests this year’s second maize crop, commonly known as “safrinha”.

BIMCO notes stunning comeback to Q2 agricultural exports nearly triple freight ratesAs agricultural dry bulk commodities exports took a dive in the first quarter of this year and painted a gloomy picture for Panamax and Handymax freight rates, a stunning second quarter comeback have nearly tripled freight rates.While total agricultural export volumes are now solidly up in the first half of the year, they are not mind-blowingly high, and export volumes in the first quarter of 2020 certainly offered little help.