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On the São Paulo Merchandise Exchange (B3), corn continues to retreat towards export prices for the second half of the year, R$ 11/bag below, according to information released by TF Agroeconomic. “The strong drop of another 1.50% in corn prices on the São Paulo futures market indicates that indications continue to decline strongly, towards the levels already offered by Tradings for the second half of the year, still around R$ 11/bag below the market price. current month of B3, or a drop of 17.36%, which is the downward space we envisage for these prices”, he comments.
“In view of this situation, future prices closed lower: the May/23 maturity closed at R$ 68.98, a low of R$ -1.05 on the day and a low of R$ -5.78 for the week; July/23 closed at R$ 68.61, a low of R$ -1.81 for the day and a low of R$ -6.26 for the week; the September/23 maturity was R$ 69.96, a low of R$ -1.45 on the day and a low of R$ -5.17 for the week”, he adds.
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In Chicago, corn closed lower, following wheat. “The May price closed down -0.77% or $ -5.25/bushel at $ 672.25. The price for July 2023, the beginning of our winter harvest, closed at a low of -1.24% or $ -8.00 bushel at $ 636.50”, he indicates.
“Corn closely followed the downward trend of wheat and closed in the red this Wednesday. An easing of concerns about Ukrainian exports was the focal point of the day. Inspections on ships that were stopped in the Black Sea resumed. And Ukraine and Poland reached an agreement to export grain through Polish territory. The rise of the dollar in Brazil also put pressure on the exchange rate in Chicago”, he concludes.
Source: Leonardo Gottems | agrolink
