This Wednesday (23.05) soybean prices had a day of slight gains in the Brazilian physical market, as a result of Chicago rising 0.80% and falls in premiums and the dollar (0.54%). According to Cepea indices, carried out with various market participants, on average prices rose by 0.06% in ports and 0.02% in the interior of the country.
According to analyst Luiz Fernando Pacheco, from T&F Consultoria Agroeconomia, the truck drivers' strike prevents the arrival of more than 4,000 trucks at the ports. These loads, however, are oilseed traded for more than 45 days.
“We consulted several brokers, from several states, to find out if the truck drivers' strike is affecting soybean prices. Everyone said no, because the logistics of new purchases and deliveries are all for July and August. They further hinder the supply of corn and wheat bran to farms and feed factories”, says Pacheco.
Other brokers, according to the analyst, stated that the strike does not affect prices, but rather payment terms, which were already long and became even longer: “And there is concern about contracts made for future delivery last year, which expire for this week (until 5/30) or early June and which have not yet been delivered”.
“A third [broker] told us that business is at a standstill today, but not because of the strike, but because of the large difference (spread) between orders from sellers and buyers. There really is no pressure for product demand at the moment. Nobody is desperate. Regarding future prices for next season, we believe they are at a very good level (around R$ 80.00/bag), which presents excellent profitability, as well as current levels. We continue with our sale recommendation”, he concludes.
Source: Agrolink – Author: Leonardo Gottems
