News

Corn exports in Brazil fall in February, while prices fall

Maize (Corn)
Brazil
Market & Price Trends
Published Mar 3, 2024

Tridge summary

The Brazilian corn market saw a fluctuation in prices in February, initially rising due to increased consumer demand and producers withholding sales, but later dropping as buyers exited the market after large purchases. Other factors contributing to the price drop included falling port prices, weak export demand, and the appreciation of the real against the dollar. Despite a late reaction from the Chicago Stock Exchange, the international outlook remained negative due to expectations of ample global supply. February's corn exports from Brazil totaled US$424.493 million, marking a decrease from the previous year.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

The Brazilian corn market recorded a very different scenario throughout February. The first half of the month was marked by an upward movement in prices, with a greater need for purchases on the part of consumers and with producers adopting the strategy of holding back offers for sale. From the second fortnight onwards, however, the market movement completely reversed. According to Safras Consultoria, after purchasing good volumes of cereal, buyers left the market, forcing producers to put pressure on prices. The high difference between the purchase and sale value of corn kept buyers on the defensive, waiting for a greater downward movement in prices. Trying to free up more space in warehouses to store harvested soybeans and having to honor financial commitments at the end of the month, producers began to make larger volumes of cereal available for sale, which contributed to a decline in prices in Brazil's main marketing areas. Factors such as the scenario of falling prices at the ...
Source: CanalRural
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