Brazil and South America’s Soybean Reserves Reach Low Levels

    Brazilian soy

    Brazilian soy According to Oil World latest forecast, Brazil and South America's soy bean reserves suffered a strong reduction following recent sales while the global supply could be affected depending on the US crop and weather in the northern hemisphere.

    The oil seed reserves from Brazil, Argentina, Paraguay and Uruguay (Mercosur members), the region's main producers and exporters, stood at 53.1 million tons on July 1st, which is 20 million tons below the same date a year ago, pushed mainly by increased sales and milling.

    "US soy reserves are expected to reach a minimum towards the end of August, which could cause difficulties for future deliveries in the first two to three September weeks, particularly if the crop suffers delays," adds the forecast.

    Brazilian reserves stand at 27 million tons from 35 million in July 2008. This was caused by a boost of sales during June, 6.2 million tons compared to 3.54 million tons a year ago, spurred by the high prices of last year's crop.

    In Argentina reserves are down to 24.2 million tons from almost 35 million tons in July 2008, said Oil World. Based on these figures export estimates for the rest of the year until February 2010 are forecasted in 1.3 million tons compared to the 7.2 million tons of the same period a year ago.

    "Argentina farmers could act cautiously and make few deals in the coming weeks, since they are not short of money given the high level of operations in recent months," said the report.

    Following the results of the mid term elections at the end of June Argentine farmers are hopeful that Congress could reduce export taxes on grains and oilseeds over which they have clashed with President Cristina Fernandez de Kirchner administration for the last 18 months negatively altering planting decisions and activities.

    Mercopress

    Tags:

    • Show Comments (0)

    Your email address will not be published. Required fields are marked *

    comment *

    • name *

    • email *

    • website *

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    Ads

    You May Also Like

    Brazilian Indians Wish to Start a Global Movement

    The Indians of Brazil want to avail themselves of the V World Social Forum ...

    The Nova Luz project

    Brazil’s Nova Luz: Downtown Revitalization or Cleansing Operation?

    A new project launched by the São Paulo local government entitled ‘Nova Luz’ (‘New ...

    Brazil’s Petrobras Buys All Shell’s Operations in Uruguay and Paraguay

    Petrobras announced Thursday, December 21, that it had paid US$ 140 million for a ...

    Brazil Is Example of Where Emerging Economies Have to Go, Says IMF

    Managing Director of the IMF, Rodrigo de Rato, during a press conference in Washington, ...

    Brazil's French bun

    Brazil Makes a Push to Become Wheat Self-Sufficient

    Main ingredient of pãozinho (crusty French bun), present on the tables of most Brazilian ...

    Cardoso and Lula

    Lula or Cardoso? Who Should Get the Credit for a Better Brazil?

    Ever since Brazilian president Luiz Inácio Lula da Silva took office in 2003 this ...

    Anemia Afflicts Half of All Brazilian Children

    Brazil’s Pastoral Commission for Children estimates that around 50% of poor Brazilian children suffer from ...

    Food Tracking Brings 27 Countries to Conference in Brazil

    The 2nd International Conference on Tracking Agricultural Products being held in Brazil this week ...

    Lapa, Rio de Janeiro, Brazil

    Study of a Murder in Rio, Brazil

    This is the story of a “victim” of sorts, in the bawdy, colorful, often ...

    São Paulo Fashion Week

    A Fashionable Brazilian Way of Facing the Global Meltdown

    In the corridors of Fundação Bienal, in São Paulo, in the Brazilian Southeast, where ...