<\/p>\n<\/a>Grains<\/u> –
\nThe USD-BRL cross is basically steady at the time of writing this morning, but it remains close to recent lows.\u00a0 Meanwhile CBOT futures continue to rally, putting more reals in the hands of the Brazilian farmer these days.\u00a0 The chart below shows SK futures prices in reals per bushel, and as you can see by this measure we\u2019re actually approaching the summer highs and we\u2019re well above levels seen at this same point last year.<\/p>\n
<\/p>\n
The chart below shows Paranagua premiums for Feb have been in steady decline recently, and as long as values for Brazilian farmers continue to appreciate I\u2019d expect them to be continually willing to engage the market with sales as long as weather looks cooperative.\u00a0 As of right now, I see no major problems with Brazil\u2019s current conditions or weather forecast so I\u2019d look for farmer selling to become more and more active.\u00a0 If realized, this will keep Brazilian premiums under pressure and should undercut US export competitiveness from late-Jan forward.<\/p>\n
<\/p>\n
Note that today\u2019s soybean export inspections should be another fairly strong number…probably somewhere +\/- 90 mil bu.\u00a0 Look for inspections to continually taper off in the weeks ahead as line-ups continue to back off.<\/p>\n
DISCLAIMER<\/u><\/strong>:<\/strong> <\/p>\n","protected":false},"excerpt":{"rendered":" Grains – The USD-BRL cross is basically steady at the time of writing this morning, but it remains close to recent lows.\u00a0 Meanwhile CBOT futures continue to rally, putting more reals in the hands of the Brazilian farmer these days.\u00a0 The chart below shows SK futures prices in reals per bushel, and as you can […]<\/p>\n","protected":false},"author":4,"featured_media":1515,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[13],"tags":[],"yoast_head":"\n
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