*Brz Soybean Market:* Another day of weak premiums on FOB market. Very few participants. In the last four weeks the liquidity of paper market FOB and CFR was very subdue. More farmers and elevators in the North of Brz talking about there is no buyers and no interest in July contracts onward. The logistic turned to corn. It seems soybean program will continue where safrinha is behind the scheduled – Paranagua, Sao Francisco and Imbituba ports.

The nomination for June shows this trend. The total nomination is 10 Mi tons so far – including 1,4 Mi tons for May. In the beginning of March, the total nomination was 14 Mi tons, in April 14 Mi tons and May 10.8 Mi tons.

July shipment Traded ystd at -45n and -50n. Farmer selling was 600k tons for OC and 100k for NC.

*CFR Market:* Rumors of trades for July at +60n, way below the last week highs at +85n. They say 4-5 cargoes traded overnight. In general, the offers indications for July and for August are going down, in line with paper market and also with ocean freights. Trades reported for March at +78h – new low.

RMB offshore at 7,13 – it was 6,9 on 4th May. Wheat prices in Henan province up 100 RMB in the last update – JCI.

Soybeans CFR China (Brazil)

July 65/60n vs 50n – Rumors tdd at 60n (overnight) 

August 95/90/86n vs ??   

Feb 24 120h vs ??  

Mar 24 88/85h vs ?? – tdd at +78h (overnight)                              

Apr 24 75k vs ?? - Traded at +80k (Thursday)

Soybeans CFR China (USG) – Friday´s levels

Oct 240x vs

Nov 237x vs 

Dec 231f vs

Soybeans CFR China (PNW)

Oct 258x vs   

Nov ? x

*Corn:* BRL closed at 5.0554 with big swing during the session. Origination has been slower than last week but Agrinvest brokers estimate 500k tons for ystd. Rumors that a big corn enduser is paying the contractual penalty with farmers, 20% over flat price for not taking the corn. The possible volume is not representative yet, 30k is the rumor. On the FOB prices remain its own path to the downside finding any support on the logistic constrains. Replacement around 20cz for the deffered shipments and depending on the export corridor.

Brz is offering corn for June – summer crop - which shows end users in Brz are well covered.

BRAZILIAN CORN MKT

May 31st

STS/TUB

FH Aug 52 vs ??

AUG ?? vs 40

LH Aug ?? vs 30

LH Sep 40* vs ??

OCT 45* vs ??

LH Oct 43* vs ??

NOV ?? vs 30

DEC ?? vs 35

RIO GRANDE

LH June 30 vs ??

PAPER PAGUÁ

AUG 25 vs ??

SEP 25 vs ??