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Eduardo Vanin 
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Por: Eduardo Vanin
Artigo, Grãos
Publicado em: 31/01/2024 08:46
Yesterday marked the best day for soybean prices this year for the export parity in Brazil, with a 4.10 BRL per sack increase (38 c/b), driven by a rally of CBOT and FOB premiums. The basis at destination also saw higher levels during the afternoon, following the bounce of the Fob levels. Yesterday afternoon, trades were reported for CFR China at even and +3sh for March, a bounce of 8 cents. Crush margins in Brazil are good and industries are taking this opportunity to lock in the profit, selling soybean meal premiums for March – premiums for March are $5 lower W-o-W basis. The exchange rate saw big fluctuations yesterday but closed stable at 4.9450. The FOB corn market continues to have weaker sentiment – lower premiums for the safrinha window. The bid and ask spread for the JAS window is the narrowest I’ve seen this season. The corn spot market is also weaker with more players trying to sell Feb/Mch out of Rio Grande – most likely topoffs coming from Arg. Additionally, Farmer selling for the safrinha to export remains at zero. The soybean and summer corn harvests are advancing rapidly in Paraná, resulting in the faster-than-expected advance in safrinha corn planting. This is also occurring in Mato Grosso, diminishing concerns about the risk of planting out of the ideal window.
Soybean Paper MKT – Jan 30
Mar -100sh vs -115sh
April -90sk vs -105sk
May -65sk vs -85sk
Jun ?? vs -80sn
Jul ?? vs -65sn
Trades: March at -120/115/110sh; April at -108/105/102sk
Cargo Market (Santos)
FH May ?? vs -95sk
LH May ?? vs -85sk
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