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Por: Eduardo Vanin
Artigo, Grãos
Publicado em: 22/03/2024 08:42
BAGE has revised its corn production estimate downward by 2.5 million tons to 54 million, while leaving its soybean condition ratings unchanged – G+E conditions are now at 84%, a 1-point increase. BAGE noted that only 1% of the area is suffering from excessive moisture. On the DCE, it was a bearish day for all Ag commodities, pressured by FX and bad mood in Asian markets – the RMB in the offshore market reached 7.27, its highest level in four months. The soybean meal basis in China's spot market has risen again, although the basis for deferred contracts remains stable. The momentum in daily soybean meal sales has decreased. Soybean farmer selling in Brazil is strong, aiming to close another week on a positive note – with 2.5 million tons sold up until yesterday. Brazilian crushers are increasing their coverage, adding pressure over soybean meal FOB. Soybean meal premiums in Paranaguá have fallen by $8 per short ton over the week. Recent logistical challenges in Argentina, caused by excessive rainfall, have firmed corn premiums there, prompting tradings in Brazil to seek demand for April and May shipments out of Northern ports. Offer indications came in at +80/75ck.
Soybean Paper MKT – March 21
*(daily variation)
Apr ?? vs -45sk (+5)*
May -10sk (+5) vs -25sk (+10)
June -5sn (+6) vs -15sn (+5)
Jul ?? vs -5sn (+3)
Aug ?? vs +0sq (+5)
Feb25 -25sh (unch) vs -45sh (unch)
Mar25 ?? vs -70sh (-5)
Apr25 ?? vs -75sk (-5)
May25 ?? vs -65sk (-5)
Trades: May at -25sk
Cargo Market (Santos)
20Feb25-25Mar25 -25sh vs ??
10Mar25-25Mar25 -35sh vs ??
2
5,00
