According to information from T&F Consultoria Agroeconomia, some crushers in China purchased soybeans from the new Brazilian harvest for shipment in the 3rd quarter of 2021 amid tighter margins. In this scenario, state importers were again absent in the United States, while some private industrialists were checking 2021 Brazilian soybean prices.
“Premiums for US Gulf and Pacific Northwest soybeans on a CFR China basis strengthened slightly on the day. November shipment from the Gulf was offered at around 225-226 c/bu on November futures and tradable levels were indicated at around 220 c/bu on the same futures. The same PNW shipment was offered at 206 c/bu on November futures versus the last traded level at 203 c/bu on November futures,” he reports.
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Additionally, the CFR China indicator for Brazilian soybean shipments in October rose 1 c/bu to 242 c/bu relative to November futures, which equates to US$ 437/mt, up from US$ 9.25/t. “For the new Brazilian 2021 harvest, at least one cargo was negotiated for July 2021 with shipment at 140 c/bu over July futures on CFR China”, he adds.
“In China, the Chinese renminbi strengthened further on Friday, reaching its strongest level in seven months at CNY6.86 per US dollar. Domestic soybean meal and soybean oil futures chased CBOT soybean futures to the upside, increasing crush margins on Friday. The most liquid soybean meal futures in Dalian gained 0.51% to CNY2,937/mt (US$ 428.13/mt) and the most active soybean oil futures jumped 2.12% to CNY6,648/mt (US$ 969 .1/mt) in 1500 Beijing time”, he concludes.
Source: agrolink
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