Corn prices soared on São Paulo Commodities Exchange in Brazil

Corn contracts soared on the São Paulo Commodities Exchange (B3), and maturities rose by up to 3.8% this Tuesday, according to information released by TF Agroeconomic. “Corn maturities closed this Tuesday’s trading session on a high, with exporters increasing premiums at ports. The need for trading companies begins to taper off as the month of December approaches, where the last shipments of the year should occur”, he comments. “Contrary to the rise in prices, ANEC – National Association of Cereal Exporters – revised its corn exports below. According to the entity, the volume shipped of the cereal should be 7.348 million tons - last week, the forecast was 7.958 million tons. Given this situation, future prices closed higher: the January/24 maturity was R$ 68.21, an increase of R$ 2.44 on the day, a decrease of R$ -0.70 in the week; March/24 closed at R$72.55, up R$2.48 on the day, down R$-0.30 on the week; May/24 closed at R$73.33, an increase of R$2.44 on the day and a low of ...