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Por: Eduardo Vanin
Artigo, Grãos
Publicado em: 27/03/2024 08:40
Crush margins in Brazil are facing significant pressure, particularly in MT, where the soybean basis is the most expensive this year. The flat price of soybean meal in Brazil has been declining this week, following the anticipation of selling pressure coming from Argentina. Crushers in the northern regions of Brazil are ramping up coverage for June, despite operating at a loss. In contrast, crushers in the center-south regions are adopting a more conservative approach, focusing on covering April and May. This week, we've observed an uptick in the number of offers for spot and for Safrinha corn on our domestic market desk in MT and GO. Many of these offers are currently well above the export parity, but the notable size of the lots has highlighted an initial shift in farmer behavior. Corn replacement costs FOB vary significantly across different export corridors (ranging from +60 to +120 over the base price). Tradings have begun to purchase 5-10k tons daily, preferring truck freight as the reference for moving corn to the ports since it offers better pricing than rail, primarily due to the high rates associated with take-or-pay agreements hired previously.
Soybean Paper MKT – March 26
*(daily variation)
May -15sk (unch) vs -27sk (unch)
June -7sn (-2) vs -15sn (unch)
Jul +20sn (unch) vs -5sn (unch)
Aug +30sq (unch) vs ??
Feb25 -25sh (unch) vs -45sh (unch)
Mar25 -50sh (unch) vs -68sh (unch)
Apr25 -45sk (unch) vs -72sk (unch)
May25 ?? vs -65sk (unch)
Trades: no trades
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