News

Corn falls on B3 following Chicago, but prices remain firm in Brazil

Maize (Corn)
Brazil
Market & Price Trends
Published Nov 28, 2023

Tridge summary

Corn prices on B3 fell by more than 1% on Monday, but the most traded contracts remained above R$70.00 per bag. The market is undergoing a correction movement following recent highs, with B3 falling due to the decline in Chicago and pressure on the dollar. Demand for Brazilian corn remains strong, especially from China and Iran, leading to discussions of premiums of over US$1.00 per bushel.
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

"B3 is falling for two factors, one because Chicago is liquidating and is also operating in decline - as the American harvest is expected to be in its final stretch - and also because the dollar remains under pressure. So, automatically, B3 it's on sale day. Chicago lost US$5.00 until the middle of next year, so the market became cheap. But even so, there hasn't been much business in American corn", explains market consultant Vlamir Brandalizze , from Brandalizze Consulting. Business is also more contained in Brazil, which helps to keep prices firm in the national market. "According to Cepea researchers, despite the stronger internal demand, sellers are focused on field activities, limiting the volume of cereal offered in the spot. Furthermore, among active producers, there is disagreement with buyers regarding prices, which reinforces the low liquidity", Cepea researchers reported this Monday. At the ports, according to Brandalizze, prices also remained stable at the beginning of ...
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