Brazil: 2024 second-crop trading of corn gains momentum in the Midwest

The domestic corn market is starting to adopt a “second crop” bias from this week onward. The initial price alignment, already focusing on the initial harvest in May in Mato Grosso, particularly, favors a better movement of business, allowing exporters to resume shipments in the coming few months. The excellent climate in Mato Grosso and Goiás helps producers in deciding whether to speed up sales. On the other hand, there is a completely different situation with Paraná and Mato Grosso do Sul, states that are on the verge of production losses with the second crop due to the little rain registered in March and high temperatures. The internal market begins to work with these two very different situations. Port levels have improved a little in April, with the stabilization of external prices, slightly better premiums, and an exchange rate above BRL 5.00/dollar. Premiums in Brazil are still high compared to US corn. So, it is difficult to gain strength in exports without improving ...