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Por: Eduardo Vanin
Artigo, Grãos
Publicado em: 26/07/2024 08:50
Soybean premiums FOB Paranaguá traded lower again for the new crop. Corn premiums at Santos are also under pressure due to the robust pace of farmer selling over the past two weeks – this week FS is in line with 3 MMT. On Monday, Soybean April premiums were offered at +30sk. Yesterday, trades were reported between -5sk and -10sk, and rumors at -15sk. One cargo was traded at -5sk for April, and overnight trades were reported at +105-107sk CFR, a drop of at least 20 cents compared to last Friday’s offers. Crushers in China said there is no rush to purchase beans due to poor margins for both crops. This week, soy meal sales in China were very light, totaling only 432,000 tons, with 87% for spot. Soy meal stocks at Chinese ports grew for the 15th consecutive week. Brokers reported that there is a large supply of positions for the new crop on FOB, primarily for March and April, where origination has progressed well recently. Brokers reported four cargoes traded out of USG for November this week – all already reported by USDA. Interest rates in Brazil continue to climb, steepening the curve. The forward FX for April hit the second highest level since January 2020 at 5.80, the date which traders use to price soybeans. The Brazilian government will ask WHO to lift the New Castle disease warning. Poultry and pork margins in Brazil are at their best momentum since 2020.
Soybean Paper MKT – July 25
*(daily variation)
Aug +55sq (unch) vs +40sq (unch)
Sep +115sx (unch) vs +100sx (unch)
Oct +130sx (+5) vs +110sx
Feb +30sh (-15) vs +5sh (-5)
Mch -5sh (-5) vs -15sh (-5)
Apr -5sk (-15) vs -18sk (-8)
May +0sk (-15) vs -8sk (-13)
Jun +35sn vs +7sn (+2)
Jul +45sn vs +15sn (+5)
Trades: April25 at -8/-9/-10sk; May25 at -5sk
Cargo Market (Santos/Tuba):
LH Aug 24 +128sx (-7) vs ??
FH Sep 24 +140sx (-5) vs ??
LH Sep 24 ?? vs +115sx
Full Oct 24 ?? vs +115sx (-5)
FH Mar 25 +20sh vs ??
FH Apr 25 +10sk vs ??
Trades (Fob Santos): FH Oct at +125sx (rumor); FH April at -5sk; LH April at even
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