Brazil and Paraguay will export soybeans to the U.S. - traders
Wednesday, May 8, 2013 15:22 EDT
BUENOS AIRES, Aug 8 (Reuters) - Brazil and Paraguay are ready to export soy to the United States, at a time when the U.S. market is facing a shortage in the offseason after breaking harvest in 2012, industry sources said Wednesday.
After suffering the worst drought since the 1930s, it is estimated that the reserves U.S. soybean retreat until the end of summer, to its lowest level in nine years.
In the grain market of Chicago, rumors circulate of shipments of South American oilseed being sent north, but so far not confirmed any shipping during this season.
"The operations are closed and the boats have been nominated. Accordingly, it is done," he told Reuters operator of an exporter, based in Buenos Aires.
The source said that a ship is scheduled to depart this month the port of Ilheus, in northeastern Brazil, while the other is supposed to leave the terminal port of Nueva Palmira, Uruguay, used by Paraguayans to ship grain.
"At least three shipments were traded yesterday (Tuesday) to send Soy in Paraguay and Brazil to the U.S.," said another trader with knowledge of agricultural operations.
The next soybean crop will be harvested in the U.S. only in three or four months and physical markets in regions of soybean processing record currently historically higher prices for a spring, due to tight inventories.
(By Hugh Bronstein)