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After April record, Brazil soy exports likely to fall in May, analyst says

Credit: REUTERS/JOSE ROBERTO GOMES

Brazilian soybean exports in May are likely to fall after setting a monthly record in April due to the absence of Chinese buyers, according to an agribusiness analyst and data from a maritime agent.

By Roberto Samora

SAO PAULO, May 4 (Reuters) - Brazilian soybean exports in May are likely to fall after setting a monthly record in April due to the absence of Chinese buyers, according to an agribusiness analyst and data from a maritime agent.

China is being more cautious after soy prices in Chicago Sc1 touched an eight-year high, according to Fernando Muraro, an analyst at AgRural.

"China has been absent from our market after large purchases," he told Reuters, noting that the Chinese strategy was to buy big volumes in advance before prices soared.

AgRural estimates Brazilian soybean exports between 14 million and 15 million tonnes in May.

Last month, Brazil exported a monthly record of 17.38 million tonnes, the government said.

According to maritime agent Cargonave, there are 180 vessels scheduled to load soybeans at Brazil's port in May, down from 250 in April.

(Reporting by Roberto Samora Writing by Ana Mano; Editing by Lisa Shumaker)

((ana.mano@thomsonreuters.com; Tel: +55-11-5644-7704; Mob: +55-119-4470-4529; Reuters Messaging: ana.mano.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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