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Por: Eduardo Vanin
Artigo, Grãos
Publicado em: 30/10/2024 08:58
Trades reported CFR China today. Reports of 6 soybean cargoes traded out of the US. More talks about the CIQ changes and disruption of logistics at Northern ports in China. A reduction in crush demand is on the table. If this is the case, everyone will reduce numbers for Dec-Jan demand, increasing their coverage. The inverse of CFR curve is flattened. The FOB corn market in Brazil was quiet yesterday for nearby shipments. November and December are seeing very little activity, with only a few bids here and there. Algeria’s tender sparked a bit of demand, but it was minimal. The long position of the market is very small, so there’s no pressure to sell, which is keeping the market steady in Brazil and also Argentina. The 2025 safrinha is more active – origination margin is positive, thanks to FX and the steep curve – middle rates keep moving up. Last week, we saw trades for August shipments at +77-78u, and yesterday bids closer to +80 over, if not higher—there’s solid demand for the 2025 safrinha crop. Soybean auction in China found 18% demand of 109,868 tons offered. China has offered 15.3 million tons this year with only 20% demand.
Soybean Paper MKT – Oct 29
(daily variation)
Feb +90sh (-5) vs +75sh (unch)
Mch +55sh (unch) vs +47sh (+2)
Apr +50sk (unch) vs +45sk (unch)
May +65sk (unch) vs +55sk (unch)
Jun ?? vs +55sn (+5)
Jul ?? vs +57sn (+2)
Trades: no reports
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