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Market awaits USDA report and monitors harvest in Argentina
On Wednesday morning (08), corn futures trading began the session with slight increases in the main maturities on the Chicago Stock Exchange (CBOT). Contracts are trading with advances of 1.25 to 1.75 points.
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The March/23 maturity was quoted at US$ 6.75 with an increase of 1.50 points, the May/23 was worth US$ 6.74 with a gain of 1.75 points, the July/23 was traded at US$ 6.64 with an appreciation of 1.50 points and the September/23 had a value of US$ 6.09 with an increase of 1.25 points.
The United States Department of Agriculture (USDA) releases its new monthly supply and demand bulletin this Wednesday (08), which should leave the market in suspense for this session.
According to information from Reuters International, the market is operating with slight increases ahead of the release of the US government's monthly supply and demand report and also following the progress of the harvest in Argentina.
“Argentina, the world’s largest exporter of soybean oil and meal and a major supplier of corn and wheat, is facing a severe drought. The weather conditions have delayed field work and caused crop losses,” Reuters reported.
B3
On the Brazilian Stock Exchange (B3), corn futures prices started the session with declines. At around 09:21 (Brasília time), the March/23 maturity was quoted at R$ 87.40 with a devaluation of 0.40%, the May/23 was worth R$ 88.87 with a drop of 0.17%.
According to information from Consultoria Agrifatto, despite the dollar futures trading above R$ 5.20 again, corn futures on B3 continued in line with the downward movement in Chicago and closed the last session in the red.
According to the consultancy, business in the physical corn market occurs in a specific and regionalized manner, with the cereal being sold at an average of R$85.00/sc in Campinas/SP.
Source: Notícias Agrícolas
