The nearly 23 percent depreciation of the real against the dollar so far in 2015 has added to the competitiveness of Brazilian commodities exports over other origins, such as the United States.
At this time last year, 57 ships were scheduled to load 3.2 million tonnes of soybeans and 40 ships were due to load 2.16 million metric tons of corn.
Brazil was the world’s largest soybean exporter in 2014, outdoing the United States, which also vies for the No. 1 slot. Brazil is the second largest corn exporter after the United States.
“The strong depreciation of the real has turned the price of Brazilian soybeans attractive to importers,” says grains analyst Luciano Marques at brokers Gama Corretora in Santos.
Despite the drop in Chicago soybean prices recently, local prices offered for beans have been rising because of the favorable exchange rate.
The price for a 60-kg bag of soybeans at the port of Paranagua is quoted at its highest nominal value in three years at 79.53 reais, according to price discovery analysts Esalq/Cepea.
Brazil completed its soybean harvest a few months ago and is winding down its second, or winter, corn harvest. The U.S. grain harvest is about to pick up in coming weeks.
The export premium for Brazilian soybeans delivered in September at the port of Santos is currently at $1.27 per bushel, up 44 percent since the start of July.
The strong demand for Brazilian grain exports prompted the Agriculture Ministry’s crop supply agency Conab to raise its forecast in early August for annual shipments to 49.1 million metric tons of soybeans and 26.4 million metric tons of corn.
