South American soybean exports rose to a record in May, even as rain hampered loading and strikes in Brazil and Argentina curbed shipments, Oil World reported.
Brazil, Argentina, Paraguay and Uruguay jointly exported 11.1 million tons of beans last month, up from 9.61 million tons in May 2012, the Hamburg-based researcher wrote in an e-mailed report. Shipments rose from 10 million tons in April.
"Soybean exports out of South America did not fully come up to expectations," Oil World wrote. "The major reason is to be seen in considerable rainfall in the second half of May, which impeded loading, primarily at several Brazilian ports."
Increased deliveries by South America’s four major soybean exporters coincided with a plunge of shipments from the U.S., with shipments falling 500,000 tons from 1.8 million tons in May 2012, according to Oil World.
Brazil shipped a record 7.95 million tons of soybeans in May, less than Oil World’s forecast for 8.3 million tons and compared with 7.29 million tons a year earlier. Exports since the start of January rose to a record 19.6 million tons from 18.5 million tons in the first five months of 2012, the researcher wrote.
Argentina exported about 1.7 million tons of beans, 200,000 tons less than expected and up from 1.27 million tons in May 2012.
Paraguay’s soybean shipments rose to 770,000 tons from 540,000 tons, lifting exports since January to a record 3.13 million tons from 1.81 million tons, according to Oil World.
Uruguay exported 710,000 tons from a year-earlier 520,000 tons, boosting exports this year by 50 percent to a record 1.52 million tons, the researcher reported.