Argentine soybeans started this week showing weaker basis. May shipment is offered at 20 SN with demand bidding at 15 SN, and June cargo is offered at +25 SN. Argentina traded 30 cents below Brazil last year and started at 15-20 cents lower this year, but one event today could cause it to drop even more. Soybeans Despite the strong rally in futures today, origination in Brazil was not as important as expected since the real was stronger, offsetting the gains in that currency for farmers. Some traders have initially estimated today’s origination at possibly 300,000 MT. This seems to be a small number and could very well be 0.5-1 MMT.Basis have not yet dropped hard in Brazil since buyers are still waiting for demand to appear. This is basic...