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Por: Eduardo Vanin
Artigo, Grãos
Publicado em: 22/04/2024 16:04
Soybean farmer selling in Mato Grosso remains active, which is linked to the soybean-corn ratio being more favorable for soybeans.
The ratio in Mato Grosso is climbing much faster and earlier than last year.
RATIO
Agrinvest brokers reported trades in Mato Grosso (highway 163) at 112 BRL per sack and corn at 36 BRL per sack, trades for May and June delivery.
At these levels, the ratio crossed 3.1 for the first time since November last year – the highest level last year was above 3.4, reached in July/August.
As such, producers in Mato Grosso keep selling beans and hold on to corn, which could have some consequences:
1) The soybean export program in Mato Grosso will be extended. Some traders estimate until the end of July.
2) Soybean basis in Mato Grosso will remain firm, impacting the origination margin and the crush margin.
3) Corn replacement in Mato Grosso will likely remain expensive.
TRADES
Brokers reported 02 corn cargoes traded last week out of Santos, one for August at +52u and another at +48u for September shipment.
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