Brazil: Corn futures prices open the week higher on B3

Published 2024년 9월 10일

Tridge summary

Corn futures prices surged on Monday (9/9) at the B3 derivatives exchange in São Paulo, driven by rising external commodity prices and stronger domestic cereal prices. The November/24 contract surpassed a key resistance level, closing at around R$67 per bag, with potential targets and support levels identified by Agrifatto. The Cepea Corn Indicator also saw a slight increase, while CBOT corn futures for December/24 rose by 0.25%, influenced by wheat and soybean prices. Brazil exported 1.55 million tons of corn in the first five business days of September/24, although the average price of exported corn hit a 12-month low.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Corn futures prices recorded significant gains on Monday (9/9), according to Agrifatto, based on data from the B3 derivatives exchange, headquartered in the capital of São Paulo. “In addition to the appreciation of external commodity prices, the strengthening of domestic cereal prices has contributed to the upward movement observed on the Brazilian stock exchange,” highlights the consultancy. In turn, with 12,751 thousand contracts traded on Monday, the paper maturing in November/24 broke an important resistance on the daily chart, closing the session at around R$67/bag. “If the upward movement continues, the next price target (for November/24) is in the region of R$69.36. However, if there is a downward correction, the contract may find support in the range between R$65.76 and R$66.05,” analyzes Agrifatto. On the first day of this week, the Cepea Corn Indicator (Campinas, SP) closed the day at R$62.33/bag, with a daily increase of 0.26%. On the Chicago Board of Trade (CBOT), corn ...
Source: PortalDBO

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