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Tidbits, Brazil, China, Broilers & Ethanol 3/7/24

Highlights


As of the close yesterday, farmers in the Sorriso area of Mato Grosso were looking at:

  • A loss of $261.39 per hectare ($105.82 per acre) for corn.

  • A profit of $217.42 per hectare ($88.02 per acre) for soybeans.  

Do you think they are rushing to plant safrinha corn?

 

Eduardo Vanin:

"Soybean farmer selling activity in Brazil remains robust. Brokers and traders estimate sales of 700,000 mts, marking the most significant one-day sales volume since last November. This surge is particularly pronounced in Goiás and Mato Grosso, where crushers are more active. The domestic demand for oil and the global demand for soybean meal is increasing, supporting FOB premiums... Soybean trades in the CFR market were reported at higher levels for April and May, reaching new highs for the season."

 

Yesterday’s US business news included both the ADP private jobs data for February and the JOLTS jobs opening data were less than expected, which raised hopes for an interest rate cut sooner rather than later.

 

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