Image: Pixabay
At 8:09 am (Brasília time) this Monday (4), the May corn contract quoted on the Chicago Stock Exchange (CBOT) registered a strong increase of 9.50 points and 1.29%, traded at US$ cents 744.50/bushel ; July's rose 11.00 points and 1.52%, at US$ cents 732.75/bushel.
On Friday (1st), the cereal's May maturity depreciated by 1.84%, with a devaluation of 2.52% in the week. The drop in WTI oil on the New York Stock Exchange (Nymex) had an impact on the grain, a factor that reduced the competitiveness of corn-based ethanol.
This morning, prices were supported by the continuation of the war in Eastern Europe, which has reached its 40th day. The latest meetings between Russian and Ukrainian delegations did not progress as expected and no ceasefire agreement is expected to occur in the short term.
{module Form RD}
Heightened international demand also boosts prices. The United States Department of Agriculture (USDA) reported a sale of 136,000 tons of corn to an undisclosed destination on Friday, with shipment scheduled for the 2021/22 marketing year – in the week, sales totaled 263, 92 thousand t.
The USDA releases today the shipment report for the week ending March 31.
Information about the behavior of the global financial market, the war in Ukraine, the climate in South America and demand for North American products remains on the market's radar.
Source: DATA
