News

Brazil: Corn returns to 3-year lows on US Stock Exchange and closes lower on Wednesday

Maize (Corn)
Brazil
United States
Market & Price Trends
Published Feb 22, 2024

Tridge summary

Corn futures prices on the Brazilian Stock Exchange (B3) experienced a slight decrease, with prices ranging between R$64.30 and R$64.73. The market is currently within a R$60.00 to R$70.00 range, which is considered favorable for all market participants. The price of a bag of corn in the Brazilian physical market also decreased mid-week. Internationally, corn futures prices on the Chicago Stock Exchange (CBOT) also fell, following a speech by US President Biden hinting at a potential reduction in corn ethanol use in favor of biofuels.
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

Wednesday (21) comes to an end with corn futures prices registering slightly negative movements on the Brazilian Stock Exchange (B3). The main prices fluctuated in the range between R$64.30 and R$64.73. The March/24 maturity was quoted at R$64.39 with a drop of 0.59%, May/24 was worth R$64.73 with a loss of 0.86%, July/24 was worth R$64, 30 with a devaluation of 0.99% and September/24 had a value of R$ 64.35 with a decrease of 0.98%. For the Market Analyst at Brandalizze Consulting, Vlamir Brandalizze, it remains in a range of R$60.00 to R$70.00, which are interesting positions for all sides of the market. “If you have high productivity, with costs that have fallen, you can have a margin. If you think about the pig farmers' side, the egg people, the chicken people, you also have growing demand, the demand for corn for feed will skyrocket this year, it will be a historic record and that creates a flow. That is why on B3 it is not falling below R$64.00 nor rising above R$66.00”, ...
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