Brazilian soybean shipments, which typically run through May, will be extended until at least July as a record crop from the South American nation has created a backlog at ports and on roads, Bloomberg reports.
“This is totally atypical for this time of the year,” Bloomberg quoted Isis Markarian, an analyst at SA Commodities, as saying. “Waiting time has exceeded all expectations and I’m sure it made export costs increase a lot.”
Soybean vessels have been waiting as much as 39 days to load at Santos, the country’s main port, and 55 days at Paranagua, the nation's second-largest oilseed port. That compares with an average of 10 to 15 days a year ago for both ports, Markarian said.