Corn market closes the year under pressure

The international corn market ended the year pressured by negative factors, with contracts testing recent lows and signaling an environment still cautious for the coming months. According to TF Agroeconômica, prices on the Chicago Board of Trade closed lower, reflecting the combination of mostly bearish fundamentals and the absence of news capable of sustaining a more consistent reaction. At the close of the day, the March contract retreated 0.06%, or 0.25 cent per bushel, ending at US$ 440.25, while the May contract also fell 0.06%, to US$ 448.25. Corn has accumulated a 4.2% devaluation for the year, with the March contract registering new lows in the week and testing a relevant technical support level. The pressure comes from the residual weakness observed in the wheat and soybean markets, in addition to the low volume of transactions and the lack of clearer bullish factors. In the international scenario, China continues to encourage the increase in agricultural production, with ...