Brazilian soybean port premiums have recently fallen to historical lows amid weak Chinese demand, while the country achieves a record crop. For May shipments, premiums’level fell to -200 basis points per bushel this week at ports like Paranaguá. The season-long rise in Brazilian soybean discounts relative to Chicago prices is a result of the current downturn in China demand. Agrinvest analyst Eduardo Vanin estimated premiums at -200 for May and -160 for June shipments amid Brazil’s super crop, which at above 153 million tons is 22% more than last year’s drought-affected harvest.
Sources: Reuters/Money Times (*Translated by Ia Niani)