Tidbits, Rain Days Update 10/16/22
Brazil’s ports are turning away vessels transporting fertilizers as the ports are overly full; the vessels are being redirected to other countries. According to the National Association of Fertilizer Distributors (ANDA), during the first nine months of 2022, Brazil imported a record volume of 30.77 million tons of fertilizers.
Ocean freight container rates from Shanghai to Los Angeles are at $2619, down 13% this past week and down 76% from a year ago. This coming week, that rate will be less than it was in 2018. Why is this important? About 55% by value of all US agriculture exports are exported in containers.
Ukraine will consider introducing restrictions on sunflower exports as there are not enough sunflowers being produced domestically to keep Ukraine’s crushers fully utilized. Less sunflower oil will increase demand for other vegetable oils; palm, soybean, canola, peanut, cottonseed, grape, linseed, and olive oil.
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