Major importers of soyabeans will rely on increasing volumes from South America in the next six months as exports from the US slow down because of lower stocks, Oil World said on Tuesday. The German analyst said higher US exports between September 2012 and February 2013 depleted stocks in the world’s top exporter, making export rationing inevitable.
“The situation will improve only with the arrival of new crop US soyabeans into the second half of September,” Oil World said. “As a result, China and other soyabean-importing countries will remain highly dependent on sharply increasing South American soyabean exports in May/August 2013.”
Exports from Argentina, Brazil, Paraguay and Uruguay are expected to rise sharply in May to 10.8 million tonnes, from 10 million in April and 9.6 million tonnes in May 2012. “A major change has happened in Brazil with an extension of the working hours at the ports from eight hours to 24 hours for the five days from Monday to Friday,” Oil World said.
“This change came into effect at the port of Santos from April 24 and the ports of Paranagua and Rio Grande from May 3.” The German analyst said exports from Brazil will reach 7.6 million tonnes unless rains interrupt shipping.
