Brz Soybean Market: FOB market fell ystd, mainly for July shipment, which can be attributed to the inversion increase between Q-N futures (this morning @ -80, new low). Rumors of trades at -37n, -38n and -45n at the end of the day. Last week July shipment oscillated between -15n till -35n. For the first time, the flat price of July shipment was traded below $13,00 per bushel.

Farmer selling ystd was vey absent. Agrinvest brokers estimated 300-400k, down from LW daily average of 700-800k. Flat prices in the interior for June shipment were very penalized. Indications below of 110 BRL per sack in west and up North of Mato Grosso – $9,88 per bushel. In general, farmers continue to hold soybean and selling corn. The ratio in many regions around Brz is over 3:1. More talks about lower corn summer crop in Paraná for 2024 ans more soybean. It´s difficult to have a clear idea due to very slow barter deals reported. Coamo, the largest coop in Brz, is extending barter programs, a clear sign of low demand.

CFR Market: Trades reported for July at +62-65n, way below the last week highs at +85n. In general, the offers indications for July are weaker compared to last Friday. This week is being very slow, even with lower flat price on CFR. Till now, I counted only 5-6 cargoes.
RMB offshore at 7,12 – it was 6,9 on 4th May.

Soybeans CFR China (Brazil)
July 75/70n vs 62/60n – Tdd 62-65n (overnight) 
August 105/100n vs         
Feb 24 125h vs ??        
Mar 24 88/85h vs ??                              
Apr 24 82/80k vs ??    - Traded at +80k (Thursday)

Soybeans CFR China (USG) – Friday´s levels
Oct 235x vs
Nov 230x vs 
Dec ? vs

Soybeans CFR China (PNW)
Oct 258/255x vs         
Nov ? x

Corn Brz: Corn futures in Brz hit limit down ystd. Good rains all over the 4 states where corn was planted out of the good window. More rains are forecasted for the next week. More and more tradings talking about 105 Mi tons of safrinha. Corn Premiums at Upriver for July offered at -25n, which is equivalent to -10n Santos. Ystd offer for July at +15n.

STS/TUB
LH July                           15 vs ??
FH Aug                           52* vs ??
AUG                                ?? vs 35
LH Sep                            45* vs ??
OCT                                 45* vs ??

PAPER PAGUÁ
JULY                                -15 vs -60
AUG                                25 vs ??
SEP                                 25 vs ??
OCT                                30 vs ??