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Por: Eduardo Vanin
Artigo, Grãos
Publicado em: 17/04/2024 08:16
Strong farmer selling of corn and beans in Brazil. Yesterday soybean farmer selling reached 1 Mi tons for the old crop and 150,000 tons for the new crop. For corn, farmer selling reached 400,000 tons. Soybean premiums FOB Paranaguá closed higher again, with May traded at +5sk Fob Paranaguá and +140sk in the CFR. The exchange rate in Brazil is playing a significant role, bringing more corn and soybeans to the market as farmer selling of both commodities continues at a steady pace. Yesterday FX reached 5.29, the highest since March last year. The rates in Brazil are climbing too with inflation and government fiscal position deterioration. The Petrobras-government interferences in fuel pricing are also not helping. Trades reported in Goiás and Mato Grosso for October and November shipment with replacement cost Fob at +45cz. Crush margin in China deteriorated this week. Rapeseed meal in Zhengzhou dropped by almost 4%. Soybean meal basis in China is not compensating the DCE bearishness like last year. Vegetable oils are bearish too, adding pressure to crush margins in China, but also in Brazil. Soybean meal premiums in Argentina for May and June remain firm, giving some support to Brazil's levels. Truck freights in Brazil bounced from a 4-year low rates. This will become another headwind for corn and soybean origination margins in Brazil.
Soybean Paper MKT – April 16
*(daily variation)
May 24 ?? vs +0sk (+10)
June 24 +12sn (+5) vs +5sn (+7)
Jul 24 +32sn (+7) vs +18sn (+5)
Aug 24 ?? vs +30sq (+10)
Feb25 -25sh (-5) vs -45sh (unch)
Mar25 -50sh (-10) vs -65sh (-5)
Apr25 ?? vs -70sk (unch)
May25 ?? vs -60sk (unch)
Trades (Fob Santos): May24 at +5sk; Feb25 at -40sh; Mar25 at -60sh
Cargo Market (Santos)
FH May24 +25sk vs ??
FH Jun24 +20sn vs ??
FH Feb25 ?? vs -40sh
FH Mar25 ?? vs -55sh
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