The Brazilian market for soy had a busy Wednesday (8). Trading was already significant early in the morning, at the opening of business, when Chicago and the dollar were showing good increases. At these times, the best prices were recorded.
According to the analyst Crops & Market, Elcio Bento, large volumes were handled on the day: somewhere between 300 thousand and 400 thousand tons. The main deals were observed in Paraná, Rio Grande do Sul and Santa Catarina.
See available soybean prices
- Passo Fundo (RS): rose from R$144 to R$147
- Missions Region: increased from R$142 to R$145
- Port of Rio Grande: increased from R$153 to R$155
- Cascavel (PR): grew from R$135 to R$137
- Port of Paranaguá (PR): increased from R$145 to R$147
- Rondonópolis (MT): went from R$ 127.50 to R$ 128
- Dourados (MS): went from R$126 to R$129
- Rio Verde (GO): rose from R$128 to R$129
Soy in Chicago
Soybean futures contracts traded on the Chicago Board of Trade (CBOT) closed Wednesday with mixed prices, on a day of high volatility.
The top positions found support in good Chinese demand for American soybeans and climate concerns in Brazil, but ended below the highs.
The most distant ones retreated, adjusting ahead of the November report from the United States Department of Agriculture (USDA), which will be released tomorrow.
The Department today announced the sale by private exporters of 433 thousand tons to China and 132 thousand tons to undisclosed destinations. There was also an operation involving 344,500 tons of soy received in the period covered by the report to undisclosed destinations in the 2023/24 commercial season.
USDA Report
In this Thursday’s report (9), the USDA is expected to reduce its estimate for the North American soybean harvest in 2023/24, in the November report. Ending stocks should be high.
Analysts consulted by international agencies are betting on American stocks of 221 million bushels in 2023/24. In October, the forecast was 220 million bushels.
The American harvest is expected to be indicated at 4.098 billion bushels for 2023/24, against 4.104 billion indicated in October. Last year, the harvest was 4.270 billion.
In relation to the global supply and demand picture for soybeans, the market is betting on 2022/23 final stocks of 102 million tons, against 101.9 million indicated in October. For 2023/24, the
market estimate is 115.6 million, the same number as the previous report.
Futures contracts
Soybean contracts for delivery in January closed up 3.75 cents or 0.27% at US$13.65 3/4 per bushel. The March position was quoted at US$ 13.77 per bushel, a gain of 3.00 cents, or 0.21%, compared to the previous day.
In by-products, the December bran position closed with an increase of US$ 2.40 or 0.53% at US$ 449.80 per ton. In oil, contracts expiring in December closed at 49.95 cents on the dollar, an increase of 0.46 cents or 0.92%.
Exchange
The commercial dollar ended the session up 0.68%, trading at R$4.9046 for sale and R$4.9066 for purchase. During the day, the North American currency fluctuated between a minimum of R$4.8712 and a maximum of R$4.9169.
