Paraguayan exports of soybeans are gaining steam, according to shipment data provided by Marine Link. Farmers are accelerating sales due to a stronger global market and higher prices for the oil seed. Accordingly the landlocked Mercosur member’s oil seed shipments in May reached 1.
13 million metric tons, an increase of around 34% over the previous month. This is by far the best month so far this year. Paraguay surpassed its drought-hit neighbor Argentina, while, last year, it ranked third among global exporters.
It is predicted that it will harvest a soy bean crop record of more than 10 million tons in 2023/24. Low river levels had slowed down shipments, which were crucial for barges that transport the grain downstream the Paraguay and Parana rivers. Manuel Ferreira is a former finance minister and local consultant said, “Now the situation has improved for the Paraguayan farmers who still have grains.
” The July soy futures have also reached around US$ 325 in Rosario after falling below US$ 280 in Feb. Cargill Viterra and Bunge are among the major grain exporters in the country. The national tax revenue directorate of Paraguay showed the country exported nearly 4.
6 million tons of soybeans until the end May. The sales started off well, but then slowed down in February and March. Hector Cristaldo is the president of the Paraguayan grain production union.
He said that soy farmers were “waiting” for a price increase after they held on to their crops despite the barges b.