Cuba Purchases U.S. Soy Oil For First Time Since 2011
USAgNet - 06/22/2016
Cuba made its first U.S. soyoil purchase in more than five years this month, the latest sign that drought and heavy rains in South America have tightened supplies and disrupted longstanding trade patterns. Buyers of soybeans and soy products have increasingly
turned to the United States after rains reduced Argentina soy crop quality and stocks ran low in Brazil, reports Reuters.
Brazil is the top soybean exporter while Argentina ships the most soyoil and soymeal.
In an unusual move, the United States sold 7,600 tonnes of soyoil to the Caribbean island in the first week of June, according to U.S. Department of Agriculture data on Friday.
While the shipment comprised a small portion of U.S. exports, it was the biggest to Cuba since 2010 and the first since 2011. The companies involved were not identified. One trader noted the refined oil could be used for cooking.
Some traders said the sale could mark Cuba's quiet return to U.S. shores for agricultural products, including rice, chicken and wheat, as relations improve between the former Cold War foes more than half a century after the United States slapped a trade
embargo on its Caribbean Sea neighbor.