Corn on B3, Brazil: Export report stimulates purchases

A new report on Brazilian exports ended up stimulating corn purchases, causing the cereal's prices on the São Paulo Commodities Exchange (B3) to rise a little, according to TF Agroeconomia. “The release of a new report, informing that corn exports “already exceed the total volume shipped in all of Aug/21, which could be the best month since Dec/15” (Agrifatto, Weekly Grain Report) encouraged investors to remain on the long side of the market”, he says. “As a result, futures prices closed higher: the month of September/22 closed at R$86.54, up R$1.70 on the day and R$1.28 on the week (last 5 trading sessions); November/22 closed at R$ 89.96, up R$ 1.93 on the day and R$ 1.25 on the week and January/23 closed at R$ 93.87, up R$ 1.88 on the day and R$ 1.38 a week”, he adds. The corn price for September, which is the new base month, closed up 1.94% or $12.75 cents/bushel at $670.25. The price for March 2023, the start of our summer crop, closed up 2.29% or $15.0 cents or $671.0. ...