Dry Bulk Market: The Soybeans Trade is Getting More Complex as US – Argentina Trade is Growing
The port of Buenos Aires, the principal maritime port of Argentina, has unveiled a modernization plan, with an investment of 1.9 billion dollars over 50 years, to separate cargo and cruise operations.
With China as a destination market for US soybeans having been eradicated these past few months (and just this week reappearing in the foray with one small shipment), US farmers have been looking for alternative markets.
In a recent report, shipbroker Banchero Costa noted that “in recent weeks, there have been reports of increasing soybean imports by Argentina from the U.S. – one of the consequences of ongoing U.S.-China trade tensions. Weekly exports data from the USDA show U.S. soybean exports to Argentina rising to 1.4 million tonnes from January to 22 November this year, from virtually no shipments the same period a year ago. Other destinations which have also seen an increase in U.S. shipments this year include the E.U. and Egypt, whose shipments increased 78 percent and 274 percent respectively year-on-year to 7.3 million tonnes and 3.0 million tonnes”.
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