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Por: Eduardo Vanin
Artigo, Grãos
Publicado em: 19/04/2024 08:40
Yesterday was a very slow day for corn and soybeans in Brazil. The FX rate dropped, as per CBOT, and farmers are still asking for the flat price levels seen on Monday (2 BRL per sack above for soybeans – around 20 c/b). In Mato Grosso and Goias, corn producers have been compelled to sell due to storage constraints, earlier harvests, and significantly higher yields than initially estimated—producers are reporting the best-ever April weather conditions in parts of MT. The weather for the safrinha crop has improved in the central-south part of Brazil, reducing stress in MS, PR, and SP, which account for one-third of the safrinha production. Many farmers in Goias and MT are inquiring about shipments for June and July, a window for which logistics are becoming scarce. As a result, flat prices and basis for JJA are dropping, reducing the replacement cost – Brazil is becoming more competitive. In China, brokers mentioned UKR corn offers around $235 per ton CFR Southern China. They say the indications could come in at around $215 per ton, due to the uncertainties regarding the free trade zones. Soybean trades were reported for May and June CFR China this overnight, and there are more rumors for February – Brz soybeans. The soybean basis levels remain stable compared to yesterday, but they are 10 cents lower than on Monday. In China, soybean meal sales have dropped but are still decent, totaling 342,700 tons, with most for spot delivery. April soybean meal sales are maintaining a good pace, as in March – demand seems good to me.
Soybean Paper MKT – April 18
*(daily variation)
May 24 +10sk (unch) vs -5sk (+5)
June 24 +10sn (+2) vs +3sn (unch)
Jul 24 +35sn (+7) vs +15sn (+5)
Aug 24 ?? vs +20sq (unch)
Feb 25 -25sh (+5) vs -45sh (unch)
Mar 25 -45sh (+5) vs -60sh (unch)
Apr 25 ?? vs -70sk (unch)
May 25 ?? vs -60sk (unch)
Jun 25 ?? vs -55sn (+5)
Trades (Fob Paranaguá): no trades
Cargo Market (Santos)
5-20 Jun 24 ?? vs +0sn
LH Jun24 ?? vs +5sn – trades LH Jun at +8sn
FH Feb25 ?? vs -35sh (unch)
FH Mar25 ?? vs -55sh (unch)
2
5,00
