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Morning Wrap up: Trades reported in Argentina are starting to make room for Brazilian corn

Por: Eduardo Vanin
Artigo, Grãos
Publicado em: 28/03/2024 09:09

More soybean trades were reported CFR China for June. In Brazil, soybean farmer selling this week has been much slower compared to the last four weeks, while for corn, it's the opposite. Crush margins in Brazil are facing significant pressure, particularly in MT, where the soybean basis is the highest. Bounces in the flat price of soybean oil and meal in Argentina continue to be very limited, putting a lower cap on Brazil for soybean products. The domestic corn market in Brazil is more active, with trades being reported CIF meat industries in the South, corn that is coming from Mato Grosso (2000 km away). This is possible thanks to very depressed truck freights this year. There are rumors that truck drivers are trying to organize a national strike, which seems very difficult due to the sluggish demand. In the Chinese markets, soybean oil and meal trades this week were very muted compared to the last three weeks – the daily average for soybean oil trades fell from 32,000 tons during the first three weeks of this month to 29,000 tons this week. For soybean meal, the drop was more severe, falling from 357,000 tons to 76,000 tons.

Soybean Paper MKT – March 27

*(daily variation)

May -10sk (+5) vs -20sk (+7)

June -5sn (+2) vs -10sn (+5)

Jul +20sn (unch) vs -5sn (unch)

Aug +30sq (unch) vs ??

Feb25 -25sh (unch) vs -45sh (unch)

Mar25 -50sh (unch) vs -68sh (unch)

Apr25 -35sk (+10) vs -65sk (+10)

May25 -35sk (unch) vs -65sk (unch)

Trades: May at -18sk/-20sk

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