Detailed data from the Ministry of Agriculture released on December 10 indicate that Brazilian imports of soybean oil increased by more than 8000% in November, with Argentina supplying most of Brazil’s imports of the commodity to make up for the shortage in the domestic market. Rice imports almost tripled last month compared to November 2019, to around 150,000 tons, including 56,000 tons of the North American product, temporarily imported at zero tariffs. Year-to-date from January to November, soybean oil imports totaled around 160,000 tons, versus less than 30,000 in the same period of 2019, with Argentines offering more than 120,000 tons and the rest coming mainly from Paraguayan industries. YTD soybean imports reached about 750,000 tons, an increase of more than 470% Of the total imported, most came from Paraguay (662,000 tons), with Uruguay supplying another 85,000 tons, according to data from the ministry.
Sources: Reuters / Datamar News