(Removes reference to a port and changes volumes in paragraphs three and four after rectification of Cargonave)
By Ana Mano
SAO PAULO, Brazil (Reuters) – Brazil is on track to sell the largest volume of soybeans to the United States since 2014, according to shipping data from shipping agent Cargonave, because it is helping that country’s consumers fill a momentary supply shortfall. .
Increased shipments to the United States show that tight supplies and high prices are forcing soy consumers, such as oilseed mills and meat producers, to switch suppliers to keep operations running.
A total of 208,000 tonnes of Brazilian soybeans have been shipped to the United States or will sail soon, according to shipping data and a source.
This includes at least four ships that will transport 145,000 tons to the United States in the coming days from the ports of Barcarena and Itacoatiara, according to data from Cargonave.
Each year, Brazil, the world’s leading exporter of soybeans, sells only a few kilos of soybeans to the United States, which is a large producer and exporter. The most recent exception was in 2014, when a record 1 million tons were traded to the North American country.
This year, however, US supplies fell to record lows on strong domestic demand and exports to China. U.S. soybean futures hit their highest prices since 2012 on Tuesday.
The shortage of supplies in the United States could boost purchases of Brazilian soybeans, according to market sources. The US soybean crop will begin harvesting in September.
US company Bunge Ltd, Glencore’s Viterra, Louis Dreyfus Co and US meat processor Perdue Farms are shipping soybeans to the United States from Brazil, according to shipping data.
Glencore and Bunge declined to comment. Louis Dreyfus and Cargill did not immediately respond to a request.
(Report by Ana Mano in Sao Paulo, additional report by Karl Plume in Chicago. Edited in Spanish by Javier López de Lérida)