Image: Pixabay
The international soybean market was driven by three cargoes sold by Brazil, while Argentina has a closed port, according to information released by TF Agroeconomic. “A cargo from Brazil for September shipment was heard at 321 c/bu over the November future. Another cargo covering US PNW soybeans for September/October shipments traded at 297 c/bu over November futures,” he comments.
{module Form RD}
In the case of Argentina, the port in question is Bahia Blanca. “In other news, the port of Bahia Blanca, in the south of the Argentine province of Buenos Aires, remains blocked for the sixth consecutive day by a group of truck drivers demanding a fixed freight rate, according to local media reports. The action targets port facilities at an important time in the battle for large orders with historically low water levels along the main arteries that feed the UpRiver network – particularly the Paraná River”, adds the consultancy.
“At baseline, base premiums in the Paranaguá paper market remained firm for the 2021 delivery months, while most contracts for the 2022 shipment fell slightly. September contracts were valued at 155 c/bu over September futures, 1 c/bu higher on the day, while February contracts fell slightly by 1 c/bu to 40 c/bu over February futures. A paper trade for September loading was heard at 155 c/bu above September futures,” he concludes.
By: Leonardo Gottems | agrolink
