Brazil soybean premiums rocket as buyers hedge upside risk
Cash premiums in the Brazilian paper Paranagua market rocketed late Friday as a “large volume” of soybeans was sold at 82 c/bu above the July futures contract for June loading as buyers hedged upside risk amid an escalation in the trade spat between the US and China.
The exact figure could not be confirmed, but Brazilian sources reported that the volume was close to 100,000 mt.
There has been a “huge volume on June,” a Brazilian source said late on Friday.
Typical deals on the paper Paranagua market are around 5-10,000 mt.
Chicago futures hit an 11-year low last week with the July contract losing 35 c/bu over the past week, hitting 8.09 c/bu by close on Friday.
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