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Por: Eduardo Vanin
Artigo, Grãos
Publicado em: 27/12/2024 08:46
The Brz CB interventions continue. Yesterday the Brz CB sold $3 billion and an additional $7 billion today - $30 billion since Dec 12. Even though, the FX volatility remains high (ATM vols at 15.3%, the highest among Bloomberg currencies basket). Farmer selling remains tepid for corn and beans. Tradings are more active in Fob market up North – Itaqui. Origination margin from Mapitoba is better than South (Santos). Biodiesel production in Brazil (Jan-Nov) grew by 22% YoY, well above the mandate (7%). Despite this increase, SBO premiums Fob Paranaguá are very close to Argy levels for new crop. Brz smeal is trading with a big discount compared to Argy for the whole curve. The 5-day moving average of hog slaughter of large scale operations in China continues to rise. It is at 167 thousand, the highest 5-day MA of the year, but 3,000 below last year’s – it was 133 thousand in the beginning of the month. Chinese crushers’ coverage is well advanced – almost 90% for Feb-Mar and more than 50% for April.
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