January 22, 2008

 

Brazil soy discounts at 70 under May, July CBOT

 

 

Brazil soy discounts for April through July deliveries are currently 70 points below Chicago Board of Trade soybean prices for the May and July contracts, brokerage firm Cerealpar said Monday.

 

April deliveries are 70 below May, while June orders are 70 below the July CBOT soybean contract for buyers.

 

Buyers are bidding at 20 below the March CBOT contract for March deliveries. Bidders pushed February premiums to 10 over March for immediate delivery with no sellers in the market on Friday as the bulk of Brazil's old soy has been sold already. Brazil does not carry large carry-over stocks of soy.

 

Soymeal discounts are six below the March contract for February deliveries with sellers asking for the flat March CBOT soymeal prices.

 

For March deliveries, bidders are asking for 20 points under the March CBOT soymeal contract with sellers willing at 15 under.

 

April and May deliveries have buyers and sellers closer on price differentials, with buyers asking for 38 under the May CBOT soymeal contract for April deliveries and 38 under the July contract for May and June deliveries. Sellers are willing at 33 under both the May and July CBOT soymeal contracts, according to Cerealpar.

 

Soyoil premiums are 120 points over the March CBOT soyoil contract for bidders and 180 over from the sell-side.

 

April soyoil discounts are 120 under the May CBOT soyoil contract with no sellers in the market on Friday.

 

For May and June deliveries, bidders are offering 70 under the July soyoil contract on the CBOT with sellers willing to let it go at 30 under.