June 2, 2008

US soy exports climb on third Argentine strike 

Overseas sales of US soy are climbing as exporters take advantage of the third strike of Argentine farmers this year.

In the coming weeks, around 15 cargoes of soy are to be shipped from the US Pacific northwest, which would normally have been shipped from Argentina, traders said.

One US trader said that his company is moving business from Argentina to the US.

US soy is also gaining advantage on weak dollar, with its soy shipment to Asia at US$20 per tonne less than Brazilian product.

However, some traders expect that trade will soon start to shift back away from the US as it nears its minimum stock level.

Available US stocks are forecast at 145 million bushels.

Furthermore, the Argentine supplies are expected to re-enter the global market, just later in the season than normal.