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Morning Wrap up: Brz corn is getting cheaper

Por: Eduardo Vanin
Artigo, Grãos
Publicado em: 16/04/2024 08:21

Soybean premiums FOB Paranaguá closed higher again. For June, soybeans traded at +5sn. However, the flat price was lower compared to last week when June was also traded at the same level. The exchange rate is playing a significant role, bringing more corn and soybeans to the market as farmer selling of both commodities continues at a steady pace. In China, sales of soybean meal and soybean oil also remained robust in April. Total soybean meal sales reached 3.3 million tons, with 53% intended for spot delivery. The basis for spot and deferred delivery remains very stable and depressed. Feed mill inventories of soybean meal are only sufficient to cover seven days of consumption. In the corn market, the devaluation of the Brazilian Real is also facilitating an increased market supply. Farmer selling was strong yesterday, with 400,000 tons, a very active day as replacement levels approached FOB offers in the 60's for the first time this season. Northern ports are pricing better than the south, which is only possible due to the very depressed truck freight rates.

Soybean Paper MKT – April 15

*(daily variation)

May ?? vs -10sk (+5)

June ?? vs -2sn (+5)

Feb25 -20sh (unch) vs -45sh (unch)

Mar25 -40sh (unch) vs -60sh (unch)

Apr25 ?? vs -70sk (unch)

May25 ?? vs -60sk (unch)

Trades (Fob Santos): June at +5sn 

Cargo Market (Santos)

FH May24 +20sk vs ??

FH Feb25 ?? vs -35sh

FH Mar25 ?? vs -60sh

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