Brazilian market slows down with lower prices of corn at ports

The domestic market has gained support space with the strong devaluation of the Brazilian currency and the unbridled attitude of traders in buying corn to meet short-term demand for shipments at national ports. An initial movement with the climate in the United States together with a very strong exchange rate in Brazil consolidated a support situation at the turn of the month. The completely opposite version of this scenario weighed on expectations last week. The dollar returned to BRL 5.50 and the CBOT lost the level of USD 4.00/bushel. There are limits to raising premiums above what they already are, so the result is a resumption of losses at ports. With the price of Brazilian corn more expensive than its competitors, global demand may be induced to buy US corn and reduce interest in Brazilian corn. Retention of more than 80 mln tons in the belief that domestic prices will rise above the international environment? This seems to be the Brazilian domestic market’s attempt in this ...