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USDA
Por: Eduardo Vanin
Artigo, Grãos
Publicado em: 24/04/2024 08:12
The BRL/USD plummeted this week. Last week, the real peaked at 5.30, the highest level in 13 months. Yesterday, the real closed at 5.13. As expected, farmer selling slowed down. However, contrary to expectations, the flat price did not decline, driving soybean premiums higher. Yesterday, June traded at +15sn and +17sn, with rumors of July at +30sn—new highs. For June, this level of paper traded yesterday calculates as +155sn CFR China, assuming a 10 cent spread between paper and cargo premiums. Consequently, the indications in the CFR were firmer overnight. China conducted another soybean auction of 113,700 tons, selling 34,200 – it was the 10th auction, with 2.8 million tons offered. Daily soybean meal sales reached 133,000 tons, 30,000 tons less than yesterday. Weather conditions in China have been favorable, stabilizing corn and wheat prices near their multi-year lows—spot market corn prices are at their lowest since October 2020. All feed ingredients in China remain close to multi-year lows, including wheat, wheat meal, DDGS, soybean meal, and other meals.
Soybean Paper MKT – April 23
*(daily variation)
May 24 ?? vs -5sk (-3)
June 24 +20sn (unch) vs +13sn (+8)
Jul 24 +40sn (unch) vs +27sn (+7)
Aug 24 ?? vs +36sq (+11)
Feb 25 -25sh (unch) vs -42sh (+3)
Mar 25 -45sh (unch) vs -60sh (unch)
Apr 25 -40sk (unch) vs -68sk (+2)
May 25 -35sk (unch) vs -58sk (+2)
Jun 25 ?? vs -50sn (+5)
Jul 25 ?? vs -45sn (+5)
Trades (Fob Paranaguá): June at +15sn/+17sn
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