USDA’s Brazilian attaché has reduced his estimate of Brazil’s soybean crop to 82.5 million MT, citing problems of too much rain and damaged yields in the early-harvested regions of Mato Grosso and Parana.
The estimate is 1 million MT below USDA’s official forecast released in February.
An updated projection will be released on Friday. The report also highlighted problems delivering newly harvest soybeans to ports for export. The report said strikes by port workers, new rules limiting truck drivers’ working hours and other logistical snarls have combined to slow the movement of soybeans to market.
The new trucker work rules have also increased freight costs by up to 50% this year.
The result has been ship waiting times of up to 50 days at the Parana port, with some expecting waiting times to climb to as much as 60 days soon.