Tridge summary
The São Paulo Commodity Exchange has seen corn prices fall, unsupported by export demands. The drop in prices is attributed to a rise in the dollar and a decrease in Chicago corn prices, caused by weak wheat and concerns over lower exports to the US. The USDA reported a decrease in corn shipments, with Mexico being the main recipient, and the accumulated shipments up to 02/23 were lower than the same period last year.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
On the São Paulo Commodity Exchange, corn closed in a new fall, without support for exports, according to information released by TF Agroeconomia. “With the rise in the dollar (+0.16) practically canceled out by the 1.11% 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 note that the purchasers of goods in Paraná on Monday, who normally sought maize in the Midwest, were the buyers of goods in Paraná", he comments. “In view of this situation, futures prices closed again on the day and in the weekly comparison: the March/23 contract closed at BRL 87.24, down BRL 0.69 on the day and BRL 1.72 on the week ; May/23 closed at R$87.61, down R$0.79 on the day and R$1.69 on the week; the July maturity was R$ 86.94, down R$ 0.50 on the day and R$ 0.96 on the week”, he adds. In Chicago, March prices closed down 1.11% or $7.25/bushel at $642.75. “The quote ...
Source: Agrolink
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