Only eight percent of the 16 million tons scheduled for shipment by mid-February actually went out. The rest are loading or backed up in the system. In Paranaqua, soybeans are trading with a five cent per bushel discount to the Chicago March futures contract. That’s the first time the basis bid has been at a discount to the CBOT market in six years. With the high number of ships waiting to load, exporters may face demurrage costs.
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