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The drier weather from the second half of March onwards in Central Brazil and the Center-South of the country maintains uncertainty regarding the second corn harvest, in the final sowing phase, and helps support cereal prices on the Brazilian market.
The dollar at higher levels against the Brazilian currency has also weighed on the pricing of corn, in reais. The exchange rate of the North American currency went from R$5.49 on 23/3 to R$5.79 on 29/3. On 5/4 the dollar closed at R$5.66.
On the other hand, the advance of the summer harvest (first harvest) in the country and more sluggish business, with arm wrestling between buyers and sellers, limited price increases.
In the Campinas-SP region, the price of corn rose 9.6% in March, closing at R$97.50 per 60-kilo bag (31/3). Currently, the reference is R$98.00 per 60 kilo bag in the region (6/4).
In the annual comparison, corn is costing 69.0% more this year.
For the short and medium term (April), the expectation is for firm prices for corn in the domestic market, with market agents keeping an eye on the weather and the situation of second harvest crops in the country.
Source: Agricultural News
