Even with crop shortfalls, Brazil’s exports soared as crushing plants in Brazil cut back, and flooding drowned some of Argentina’s corn fields.
1. Despite crop shortfalls, Brazil’s soybean exports for 2016 have soared above last year’s exports for the same period, to a record 44.35 million metric tons, according to CEPEA, the Center for Advanced Studies of Applied Economics at the University of Sao Paulo. Soybean meal exports also rose 8.7% for the year compared to the same period last year, it said.
2. Reduced demand from Brazil’s poultry industry led some companies to stop crushing soybeans there. Cargill Inc. and Louis Dreyfus Co. were among the companies that have stopped some processing of soybeans in Brazil, the world’s biggest exporter of the commodity, according to a Bloomberg story.
3. Lashing rains have flooded one million hectares, about 11% of corn fields in Argentina’s central Cordova province, according to the Argentina Rural Confederation. The group also urged the government to repair rural roads that are in poor condition and make it difficult to get harvested crops to their loading destinations.