Brazil: With new drops, corn indicator closes below R$ 60/sc

Maize (Corn)
Market & Price Trends
Published Apr 15, 2024

Tridge summary

Corn prices have seen a notable decline, dropping below R$60 per 60 kg bag for the first time since the previous November, according to the ESALQ/BM&FBovespa Indicator. This decrease is largely due to buyers postponing new purchases because of adequate short-term supplies, the ongoing summer harvest in Brazil, predictions of high global production, and external currency devaluations. Despite some weather-related concerns in areas planting the second crop, sowing has progressed significantly, reaching 99.5% coverage of the national area by April 7th, with only minor regions left to plant.
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

Corn prices continue to fall in most regions monitored by Cepea. Last week, the ESALQ/BM&FBovespa Indicator (Campinas-SP) closed again below R$60 per 60 kg bag, which had not been seen since November last year. According to Cepea researchers, buyers are staying away from acquiring new lots in the national spot, indicating that they have stocks for the short term. In addition to the retracted demand, the intensification of the summer harvest in Brazil, estimates pointing to high world production and external devaluations reinforce the downward movement. Despite specific concerns about the climate in second-crop producing regions, field ...
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