Corn closes down on B3, Brazil

Published 2023년 2월 27일

Tridge summary

The São Paulo Commodity Exchange (B3) has seen a decrease in corn prices, with the March/23 contract closing at BRL 87.73, down BRL 0.39 on the day and BRL 0.53 on the week. This is largely due to the strength of the dollar and a decrease in corn prices in Chicago, where the March stock closed down 1.50% at $650.00. The decrease in prices is also attributed to the USDA's prediction of increased planting, harvest, and ending stock numbers, which were higher than the market expected. The main buyers in Paraná have been trying to stock up on local corn, contributing to the downward trend in futures prices.

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Original content

On the São Paulo Commodity Exchange (B3) corn closed in a new fall, without support for exports, according to information released by TF Agroeconomia. “With the rise in the dollar (+1.23) practically annulled by the 1.55% drop in corn prices in Chicago, exports again lacked the strength to offer better prices and, as a result, domestic market buyers tried to stock up on local markets. It is interesting to observe that the purchasers of goods in Paraná, this Friday, were the main buyers, who normally looked for corn in the Midwest", he indicates. “Given this scenario, futures prices closed down on the day and in the weekly comparison: the March/23 contract closed at BRL 87.73, down BRL 0.39 on the day and BRL 0.53 on the week; May/23 closed at R$88.40, down R$0.46 on the day and R$1.08 on the week; the July maturity was R$ 87.44, a drop of R$ 0.40 in the day and a drop of R$ 0.53 in the week”, he informs. In Chicago, corn closed down, still pressured by the increase in corn area in ...

Source: Agrolink