October 14, 2003

Little Fluctuation of Brazil Soy Market

Brazilian soy producers stayed sidelined on Monday despite fresh gains on the benchmark Chicago soy futures market, brokers said.

Lack of producer offers meant there was little change from last Friday in port delivered prices or export differentials.

"So long as he doesn't panic, there's no way of convincing the producer that he should sell," said a trader. "It's the same old story: the producer is well-capitalized and doesn't need to sell."

Brokers reported trades of between 45.50-46 reais per 60-kg bag delivered to Paranagua port, virtually unchanged from Friday.

For the new crop, there was talk of $14.50 per 60-kg bag delivered to Paranagua port in April 2004, broker Cerealpar said.

Brokers said that it would be difficult to determine export premiums due to the lack of offers.