U.S. processors in the heart of the Midwest farm belt are importing as much as 1.2 million tons of Brazilian soybeans originally bound for China at deep discount and towing them up the Mississippi River by barge. Processors on the river are paying 25 cents below bids from in-state processors that do not have access to the river market. A Marubeni vessel carrying 60,000 tons of Brazilian soybeans is scheduled to arrive in Mobile, Alabama this week, and a COFCO-owned Noble Group vessel of 30,000 tons is being loaded at Brazil’s Ilheus Port bound for the U.S. The soyoil produced from the Brazilian beans will likely not be used for the production of biofuels as it would disqualify fuel makers from being eligible for RIN biofuel credits. From the north, record imports are arriving from Canada as well. In the first three months of 2014 202,000 tons of Canadian soybeans have been shipped to the U.S.
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