ECSA grain export ramps up, but is still lagging last year

Klaveness research frontpage week 14

Klaveness customers and clients receive a comprehensive dry bulk research report on a weekly basis. The below is an extract from one of the topics addressed in this week’s report.

ECSA grain export in SH-Mar totaled 9.5Mt according to port agent data, down 2% YoY but up 12% compared to FH-March (in annualized terms).

ECSA grain export march graph

Brazil exported 6.1Mt in SH-March, up 13% from FH-March and up 7% YoY. The soybean export totaled 5.3Mt in SH-March, up 10% from FH-March and up 9% YoY. The corn export in SH-March increased to 0.1Mts up from zero in FH-March but down 50% YoY. The soymeal export of 0.65Mt was up 20% from FH-Mar and up 5% YoY.

Argentina and Uruguay exported 3.6Mt in SH-Mar, up 9% from FH-Mar but down 16% YoY.  The corn export of 1.3Mt more than doubled from FH-March but was still down 3% YoY. The soybean meal export of 1.1Mt was flat from FH-Mar but down 11% YoY. The combined export of soybean, sorghum, wheat, barley and other minor grains was down 0.5Mt (-40% YoY) and down 360k from FH-March.

Klaveness Research says:

We expect ECSA grain shipments in the 2017 calendar year to post a new all time high, about 13Mt higher than in 2016 and about 9Mt higher than the previous all time high from 2015. Given the volumes that have been exported YTD this implies a +13% YoY growth in exports for the balance of the year. Compared to 2015 we expect exports for the balance of 2017 to be down 3%.

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