As reported by TF Agroeconômica, the contracts for corn at B3 rose this Tuesday (29), influenced by the growth of 0.73% at the Chicago Stock Exchange and an appreciation of 1.40% of the dollar. Domestic demand, mainly from the feed and ethanol industries, continues to be the main factor supporting cereal prices, balancing the reduction in exports.
According to data from the Foreign Trade Secretariat (Secex), 5.34 million tons of corn have been exported so far in October. However, this represents a drop of 63.2% compared to the same period last year. As a result, this scenario intensifies the dispute between the domestic market and exporters, in addition to generating pressure on domestic supply.
Delayed planting and high demand drive up corn prices on B3
According to the National Supply Company (Conab), the planting of the first corn crop is slightly delayed, covering 36.8% of the estimated area compared to 37.2% in the same period in 2023. In the domestic market, strong demand from local industries contributes to the increase in prices, as they compete for available lots on the market. This competitiveness compensates for lower exports and keeps the sector optimistic about prices.
At B3, futures contracts showed a generalized increase. The contract maturing in November/24 rose to R$ 73.29, with increases of R$ 1.01 on the day and R$ 2.41 on the week. The January/25 contract reached R$ 77.00, registering gains of R$ 1.24 on the day and R$ 3.60 on the week. In relation to March/25, the contract closed at R$ 76.81, with a daily appreciation of R$ 0.96 and a weekly appreciation of R$ 2.33.
In the Chicago Board of Trade (CBOT), prices also rose, driven by opportunistic purchases. The December/24 contract, a reference for the Brazilian winter harvest, rose 0.73%, closing at US$ 413.75/bushel. The strong pace of American exports and domestic performance kept the market on the rise, despite the advance in the harvest, which is already 13% above the historical average.
Source: Leonardo Gottems | agrolink
