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Por: Eduardo Vanin
Artigo, Grãos
Publicado em: 01/11/2024 08:47
China purchased more cargoes today out of the US and for Feb in Brazil. Estimates of at least 30 cargoes this week – 7-8 in Brazil, changing the pattern. In the last three weeks, China has concentrated its purchases in Brazil (60/40). The BRL is under pressure, as are rates. Brz Finance Ministry called for 40-80 billion real in Government expenses cut for 2025 – market expected 50 billion. There are some laws that have to be changed before, increasing the uncertainties. Premiums Fob Brz sank this week, around 10 cents. Good rains, higher FX (3Y high) and China absent. Corn Fob Brazil scenario remains the same. Very few offers and indications are becoming more distant for nearby. Trades reported for LH Nov at +136sx – offers at PNW for Jan-Feb at +140sh. Soybean Farmer selling this week at 1.5 Mi tons and corn 1.2 Mi tons. Crush margin for new crop in Brazil is good, but haven’t seen much activity. Tradings are still the main buyers. Trades reported in Rondonopolis-MT at 154 BRL/sack for spot and 118 for Feb – replacement CFR China at +440f for spot and +185h for Feb.
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