Corn prices rose 18.5% in 3 months in Brazil

Corn prices continue to rise in Brazil. The Esalq/B3 index is approaching R$70 per bag, an upward trend that has not been seen since January of this year. At the beginning of the year, the cereal was quoted at R$65.83. In July, it reached its lowest value, trading at R$57.22. Now, in October, it is at R$67.79, an increase of 18.5% in just three months: According to Cepea researcher Lucílio Alves, the expected domestic availability for corn in the current harvest is 12% lower than in the same period last year, which partially explains the rise in prices. “Even though exports are at lower levels than last year, shipments are draining domestic stocks and, consequently, providing support for domestic corn prices,” he explains. According to the researcher, October is also marked by high external prices, higher premiums and exchange rates, in addition to delays in soybean planting in the main producing states, factors that help explain the appreciation of the grain in Brazil. With an ...