financetom
Business
financetom
/
Business
/
Brazil grain barge shipping returns as Amazonian drought subsides
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Brazil grain barge shipping returns as Amazonian drought subsides
Nov 27, 2024 9:47 AM

SAO PAULO, Nov 27 (Reuters) - Transportation of soybeans

and corn on barges along the Brazilian Amazon's Tapajos River,

which had been suspended in early October due to dry weather,

resumed at 50% capacity this week, operators said on Wednesday.

Shipping began again on that waterway, which receives grain

cargos from Brazil's biggest farm state Mato Grosso and nearby

areas, as rain raised river levels, said Amport, an association

representing port terminals and cargo transshipment operators of

the Amazon basin.

Barge shipping on the Madeira River, another Amazon

waterway, returned to normal this week, Amport said. Grain

transportation on the Madeira had been halted in September, even

earlier than on the Tapajos River, amid a severe drought in the

world's largest rainforest.

"The Madeira River has seen a significant recovery in water

levels over the last 15 days, which has allowed navigation to

resume at full capacity," said Amport, whose members include

Cargill, Hidrovias do Brasil, Louis Dreyfus

and Unitapajos, a joint venture between Amaggi and

Bunge.

Cargill, Amaggi, Hidrovias do Brasil and Bunge declined to

comment. Louis Dreyfus did not have an immediate comment.

Northern ports including Barcarena, Itaqui, Santarem and

Itacoatiara accounted for nearly 34% of Brazil's soybean exports

in 2023 and 42.5% of total Brazilian corn shipments last year,

according to data compiled by Brazilian crop agency Conab.

When the drought hit, Brazil had shipped most of its

soybeans for the 2024 season. A smaller corn crop meant less

logistics pressure for the Amazonian barge system, Amport said.

Preemptively, traders had directed more cargo to ports to

Brazil's south and southeast ports, grain exporters association

Anec said, adding that this diversion increased costs.

Itaqui access does not depend on rivers that were affected

by the drought while Santarem and Itacoatiara tended to be more

affected, Amport said.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Target raises 2024 profit forecast as price cuts draw shoppers
Target raises 2024 profit forecast as price cuts draw shoppers
Aug 21, 2024
* Target's ( TGT ) Q2 comparable sales up 2%, beat LSEG estimates of 1.15% * Raises 2024 profit forecast to $9.00-$9.70/shr from $8.60-$9.60 * CEO says shoppers responding to newness and price cuts * Shares up 16%, biggest one-day gain in months By Ananya Mariam Rajesh, Siddharth Cavale Aug 21 (Reuters) - Target ( TGT ) raised its full-year...
Market Chatter: IHS Weighs Potential Sale of Operations in Rwanda, Zambia
Market Chatter: IHS Weighs Potential Sale of Operations in Rwanda, Zambia
Aug 21, 2024
12:36 PM EDT, 08/21/2024 (MT Newswires) -- IHS Holding ( IHS ) is working on a potential deal to sell businesses in Rwanda and Zambia, Bloomberg reported Wednesday, citing people with knowledge of the matter. IHS plans to gauge the interest of potential buyers for the operations in the two countries, according to the report. Some proceeds from any sale...
McDonald's to Open Over 200 Restaurants in UK, Ireland in $1.31 Billion Expansion Plan
McDonald's to Open Over 200 Restaurants in UK, Ireland in $1.31 Billion Expansion Plan
Aug 21, 2024
12:40 PM EDT, 08/21/2024 (MT Newswires) -- McDonald's (MCD) said Wednesday it plans to open more than 200 restaurants in the UK and Ireland over the next four years in an expansion drive that entails an investment of 1 billion British pounds, or about $1.31 billion. The expansion is expected to create more than 24,000 jobs, the company said, adding...
TJX Fiscal Second-Quarter Results Surpass Expectations; Retailer Raises Full-Year EPS Outlook
TJX Fiscal Second-Quarter Results Surpass Expectations; Retailer Raises Full-Year EPS Outlook
Aug 21, 2024
12:49 PM EDT, 08/21/2024 (MT Newswires) -- TJX Companies ( TJX ) reported stronger-than-expected fiscal second-quarter results on Wednesday while the discount retailer raised the full-year guidance for earnings amid consumer demand. Revenue rose to $13.47 billion for the three months ended Aug. 3 from $12.76 billion a year ago and topped the $13.32 billion average analyst estimate on Capital...
Copyright 2023-2026 - www.financetom.com All Rights Reserved