Oct 10
/
Ignacio Espinola
Pre-WASDE Monthly Report - 2024 1010
Soybeans: Neutral
Expectations for this month's WASDE report are in line with the recent dry weather events, which will have some impact on the production. In that line, there is an expectation that the next WASDE report will reduce the US production number and the US Ending Stocks number due to weather impact.
On the South American side, no major changes are expected as per the market surveys. We could see some reduction in Argentina and/or Brazil production numbers, but we also believe it is too soon for this to happen so there are high chances that the numbers remain unchanged.
Finally, worldwide Ending Stock levels will be adjusted on 1-2 M Mt.
Finally, worldwide Ending Stock levels will be adjusted on 1-2 M Mt.
Corn: Neutral
Do lado da soja, há expectativa de redução na produção e no número de estoques nos EUA. Considerando O clima seco das últimas semanas, teremos que esperar pelo novo relatorio WASDE e ver em que grau estes dois números serão corrigidos e é por isso que existe uma grande variação entre o mínimo e o máximo da pesquisa de mercado.
Assim como com o milho, não esperamos grandes mudanças no lado sul-americano. Do lado do mundo, as alterações dos estoques são reflexo de ajustes nos números dos EUA.
Wheat: Bullish
O mercado do trigo tem sofrido com colheitas ruins na Europa e clima seco em países importantes como Argentina e Austrália. Isto deverá levar a um ajuste negativos na produção da Argentina, Austrália e Rússia, o que deverá afetar os números dos estoques mundiais, já que não vemos nenhum outro grande produtor com números melhores para compensar os danos climáticos.
Do lado dos EUA, devemos haver alguma redução no número de produção devido à situação climática mencionada acima, mas o quadro parece ser menos prejudicial do que as outras 3 principais origens.
Source: USDA
Written by Ignacio Espinola
ignacio.espinola@hedgepointglobal.com
ignacio.espinola@hedgepointglobal.com
Reviewed by Thais Italiani
thais.italiani@hedgepointglobal.com
thais.italiani@hedgepointglobal.com
www.hedgepointglobal.com
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This page has been prepared by Hedgepoint Global Markets LLC and its affiliates (“HPGM”) solely for informational and instructional purposes, without the purpose of instituting obligations or commitments to third parties, nor is it intended to promote an offer, or solicitation of an offer of sale or purchase relating to any securities, commodities interests or investment products. Hedgepoint Commodities LLC (“HPC”), a wholly owned entity of HPGM, is an Introducing Broker and a registered member of the National Futures Association. The trading of commodities interests such as futures, options, and swaps involves substantial risk of loss and may not be suitable for all investors. Past performance is not necessarily indicative of future results. Customers should rely on their own independent judgement and outside advisors before entering in any transaction that are introduced by the firm. HPGM and its associates expressly disclaim any use of the information contained herein that directly or indirectly result in damages or damages of any kind. In case of questions not resolved by the first instance of customer contact (client.services@Hedgepointglobal.com), please contact our internal ombudsman channel (ombudsman@Hedgepointglobal.com) or 0800-8788408/ouvidoria@Hedgepointglobal.com (only for customers in Brazil).