U.S. grain merchant Bunge’s Brazilian subsidiary is shipping the country’s soybean harvest without disruption despite the novel coronavirus outbreak. Bunge’s Brazil unit has exported 2.6 million tonnes of grains in the first quarter, mainly soybeans, said Makoto Yokoo, the company’s director of logistics for South America.
The ongoing COVID-19 pandemic is expected to put pressure on the sugar consumption patterns as there are curbs on social gatherings and outings. The industry is also facing reduced off-take from beverage and other FMCG companies amid the lockdown. This has even led to fall in domestic & international sugar prices recently.
Brazil has suspended its 17th licensing round which would have seen the state oil regulator ANP offering 128 offshore exploration blocks throughout the country, fearing that the plummeting oil prices and unprecedented declines in global crude demand entailing double-digit-percent CAPEX cuts will set the stage for another fiasco.
Brazil’s total mineral production fell 17% — 147 million tonnes — in the first three months of 2020 compared to the same period last year, the Brazilian Mining Association (Ibram) reported. In Q1, mining companies in Brazil produced 220 million tonnes, reaching a production value of R$ 36 billion ($6.8 billion), with an emphasis on iron ore (63%) and gold (11%). Iron ore exports fell 16.5%, to 70 million tonnes.
MercadoLibre’s financial services arm, Mercado Pago, is extending a 600 million-real ($114 million) credit line to help Brazilian medium and small businesses face the sharp drop in economic activity caused by the new coronavirus crisis.