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External factors bring positive perspectives to future corn prices.
Brazilian corn presents positive prospects in the future price scenario. Although the production estimate is the largest crop ever harvested in the country, with 123.74 million tons of cereal, external factors are related to the forecast of high demand and encourage producers.
According to the AgroConab (CONAB) bulletin published this past Thursday 23rd, the Argentine crop failure, the uncertainty of supplies to the European Union from Ukraine and the entry of China as one of the largest buyers of Brazilian corn are contributing to the optimistic projection of grain prices.
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The delay in off-season planting continues to worry producers, buyers are already raising doubts about the supply of corn until the delayed arrival of the second harvest grain. In Mato Grosso, producers invest in technology to minimize the risks of reducing the planting window. The rains, together with the delay in the soybean harvest and difficulties with logistics, significantly affected the planting of the grain. According to IMEA data, at the end of last week, only 50.28% of the estimated areas were sown.
In Goiás, the market operated slowly this week, with buyers raising R$ 73/75, but the stock silo lots offered did not have such appreciable quality. In Minas Gerais, the Carnival holiday lowered business spirits, buyers are awaiting stability in the week ahead.
On the Brazilian stock exchange, prices remained stable. This Friday, prices indicated values between R$ 87.39 and R$ 88.68 during the morning. In the Tarken quotation, last Friday in Rio Verde the bag of corn showed an appreciation of 0.18% compared to the previous day, with R$ 75.95 sc.
Source: Mahany Martins | agrolink
