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In the Brazilian corn export market, the large supply reduced premiums and traded volume, while China buys less, according to information released by TF Agroeconomic. “Premia remained at $ 10 cents/bushel for July23; dropped 1TP4Q 8 cents to 1TP4Q12 for August; dropped $ 8 cents to $ 8 for September; and remained at $ 20 for October and $ 27 cents for November”, he comments.
“The National Association of Cereal Exporters (Anec) made a new adjustment to its estimate of Brazilian corn exports. The entity revised its forecast to 1.457 million tons, below the volume of 1.591 million tons expected a week ago. In the week of June 11th to 17th, 74,009 tons of corn left Brazilian ports. For the week of June 18th to 24th, Anec projects shipments of 519,177 tons of corn”, he adds.
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Meanwhile, the rains continue to disrupt Paraguay. “In a similar situation to soybeans, the lack of prices meant that we had a very slow day on Monday, with buyers in the FAS market not presenting numbers. Both the Brazilian and local markets maintained Friday's indications, but the postponement of deliveries continues to be a limitation for concluding business. For Ponta Grossa US$43/t; Guarapuava US$ 38/t; Cascavel US$ 24/t; Oeste de SC US$ 40/t and Frederico Westphalen-RS US$ 41/t”, he indicates.
“Approximate FOB Argentine corn prices closed around US$ 246 for June, U$ 232 for July and US$ 231 for August. Flat corn prices maintained at US$ 274 FOB in the USA, maintained at US$ 236 FOB Up River (official), in Argentina, maintained at US$ 244 FOB in Santos, Brazil, maintained at US$ 277 FOB in France, maintained at US$ 220 FOB in Romania, kept at US$ 220 in Russia and kept at US$ 215 in Ukraine”, he concludes.
Source: Leonardo Gottems | agrolink
