June 6, 2008

Brazil reports record soy shipments in May
 
 
Brazil soy exports totalled 4.44 million tonnes in May, up by 25 percent from 3.34 million tonnes in April and up by 29 percent from 3.15 million tonnes last year.

The surge in soy exports last month has been attributed to the prolonged Argentine strike, grain and oilseed traders said.

Trading houses were reportedly switching their orders from Argentina to Brazilian ports.

Brazil's last record soy shipment was in July 2006 when the country exported 4.37 million tonnes.

Soymeal and soy oil shipments were also robust in May but did not reach record levels.

Brazil will likely export 27.3 million tonnes of soy this year due to a record harvest of just under 60 million tonnes and strong demand from abroad, the Vegetable Oils Industry Association (Abiove) said.

The end of port inspectors' strike in the past weeks in Brazilian ports also supported the rising prospects of the country's soy shipments.