Seasonal Vessel Delays Lessen in Brazil, U.S. Soybean Meal Exports Continue to Escalate
- General News
Early in Brazil’s loading season, current vessel waiting times in that country are significantly lower than one year ago. Additionally, in the past week, vessel delays dipped lower than the same period in 2012. The chart below shows monthly average vessel waiting times for the three public loading sheds in the Brazilian port of Paranagua, where delays tend to be longer than at private facilities. A key contributing factor to 2013 delays was that corn vessels were prioritized over those carrying soybeans. In 2013, the peak in vessel delays occurred in July.
Vessel delays added cost and uncertainty to Brazilian shipments of soybeans and soybean meal last year, helping U.S. soybean meal to compete in Europe as the new crop season approached. Fortunately, this year, importers turned to the U.S. very early to cover their forward sales. Reported sales for the next marketing year are approaching 2 million metric tons, which is very encouraging news for U.S. soybean meal exports. Targeted USSEC marketing activities have contributed to the early pace of export sales for the next marketing year and the success of U.S. soybean meal exports.