Congestion at Brazil’s Largest Port Worsens

Brazil normally starts shipping soybeans out of Santos in January, but that window was pushed back due to a late planting and harvest season. Shipments of the new sugar crop are expected to begin in early April. The soybean and sugar markets are both strong and the international demand for these commodities is high. The logistical snag will likely result in ships waiting for weeks before being able to dock at Santos. Meanwhile, shipowners have raised the daily fee for port delays from $18,000 per day to $30,000 for shipments out of Brazil.