top of page
If You Haven't, Try Our Daily Grain Market Reports FREE for 30 Days!

Tidbits, DAP, Brazil, China, Niger 4/17/24

Tidbits


Open interest refers to the number of trade positions on the books. The past two days saw the largest increase in open interest of crude oil call options in history. More than 350,000 crude oil call positions were established, surpassing the record of 2019.

 

Israel will hold a meeting of the Military Cabinet of Ministers today. This will be the 3rd meeting since the attack by Iran over the weekend. The final decision on the military response is expected to be today. A limited “Direct Strike” is stated to be the most likely response. The impact will hit several objects. It is reported that the operation is being prepared without input from Israel’s Allies.

 

The Brazilian Real continues to lose value at a rapid pace in foreign exchange currency markets, which makes Brazilian products cheaper to foreign buyers. This is at least part of the reason for the soybean weakness on the CBOT this week.

 

Soybean premiums FOB Paranaguá Port in Brazil closed higher again yesterday. For June shipment, soybeans traded at +5sn (5¢ over the soybean futures contract for July). The currency exchange rate is playing a significant role, bringing more corn and soybeans to the market as farmer selling of both commodities continues at a steady pace. The weaker Real means the farmers get more Reals per mt of corn and beans. 

Want to read more?

Subscribe to wrightonthemarket.com to keep reading this exclusive post.

Comentarios

No se pudieron cargar los comentarios
Parece que hubo un problema técnico. Intenta volver a conectarte o actualiza la página.
bottom of page