Much has happened since last blog update.
Two dollars lower in Chicago.
Trucker freight rates are still in dispute
Freight rates are circa 50% higher.
Dollar:Real is trading 3.90:1
Brazil has won 3 games in World Cup
Fertilizer is stranded at Paranagua port- no trucks will come get it
Chinese are aggressive bidders for soybeans
Even with soy price correction and higher freight rates,
soybean prices in Mato Grosso are almost back to late
May prices when CME was US$10.50/bushel
Soybean premiums at port today are US$ 2.20.bushel over
CME with an upward bias -basis August
Clickbait in todays BR media that Dollar:Real will trade 5.50:1
in 2019 if wrong President is elected- Bank of America projection
Brazil will expand 1 to 1.5 million hectares for 2019
Corn harvest is progressing
Corn crop size for national total looks to be 82 mmt
down from last year's 97 mmt
I expect mega hectares of corn to be planted in 2019
Brazil foods is selling off some assets
July is vacation month for Brasilians
World Cup will occupy everyones time
Much talk of more railroads since trucker strike- need to
speed up bidding process and construction pace
No reason at this time not to expect mega soy production
out of Brazil, ARG, and Paraguay in 2019
What do I expect for the next 90 days?
Chaos
Bom Jogos para todos
Bom Bar-be-que para todos
Enjoy the show
Kory
keywords: soy, corn, BR elections, FX, world cup, expansion, railroads
I enjoyed your blog.
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