May 30, 2014
Brazil's soybeans reach US East Coast, more shipments en route
Two shipments of Brazilian soybeans have arrived at the US ports of Wilmington, North Carolina, and Norfolk, Virginia, with at least seven other shipments on the way, Reuters reports.
They are the first large South American shipments to hit the US East Coast this season, and are the latest shipments since two cargoes arrived at the US Gulf Coast early last month, starting the country's biggest wave of soy imports in history, with about two million tonnes expected to reach US shores over the next two months.
The US, the world's largest soybean producer and second largest exporter, is expected to import a record 2.45 million tonnes of soybeans in the year ending August 31 to alleviate the tightest supplies in a decade, according to the US Department of Agriculture.
At least seven shipments containing about 342,000 tonnes are currently loading, waiting to load or reaching US shores. Further cargoes are already sold for June and July loading, according to traders.
