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In Paraguay, soybeans are beginning to put logistical pressure on corn.
In the Brazilian market, trading companies are ending corn purchases and turning to soybeans, according to information released by TF Agroeconomic. “Premiums rose again to $ 105 cents/bushel for July23; $ 105 for August23 and remained at $115 for September”, he comments.
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“What we heard today in the market is that at least two of the major corn buyers said they are ending purchases of this cereal for the 21/22 season and starting to turn to soybeans. In fact, there is little interest in purchasing at the ports, except for one or another exporter who needs to complete the load of ships that are being nominated, for which the price increases a little, exceptionally, not being an open market quotation”, he adds.
In Paraguay, soybeans are beginning to put logistical pressure on corn. “With the market focused on soybeans at the moment, the cereal business is taking a backseat. Local numbers as well as in Brazil have remained stable in recent days, not generating any extra stimulus for sellers, who are waiting to leave with new positions, both available and for the next campaign. The planting intention remains somewhat uncertain, due to the delay in the soybean harvest, but the expectation is that the areas will be above the historical average, but below the last harvest”, he indicates.
“The approximate prices of Argentine wheat, calculated from premiums and CBOT, for the Brazilian buyer rose to US$ 305 for March, to US$ 304 for April and May; US$ to US$ 283 for June and to US$ 275 July, according to the premium report received from brokers in Buenos Aires”, he concludes.
Source: Leonardo Gottems | agrolink
