Cepea's daily survey recorded a new increase of 0.54% in corn prices in the main reference corn market in Brazil, Campinas (SP), this Wednesday (07.02), to R$ 38.78/bag, increasing the cereal's gain in February to 0.91% to date. Physical corn market with little news, according to XP Agro, which closely monitors the Campinas market. “The difficulty in acquiring taxed corn persists (higher freight) and restricts business to deferred payments. While Intermediaries and Silos try to take advantage of the situation, Industries and Farms do not give in to pressure and buy from hand to mouth. Buyers’ expectation is that the local harvest will advance quickly in February and guarantee a robust supply”, explains T&F Consultoria Agroeconomic analyst, Luiz Fernando Pacheco.
He highlights that the rains brought some “relief” in some producing regions. The XP Investimentos sample has an average of R$ 39.46/sc, correction of R$ 0.08/sc on the day. At the ports, the reversal of corn shipments for soybeans is already evident. In Jan/19, 4.22 MT of corn and 2.15 MT of soybeans were sent, respectively.
For Feb/19, the lineups indicate 1.03 MT of corn and 6.98 MT of soybeans. Indications for Feb/19 and Mar/19 are R$ 39.00/sc and R$ 40.00, respectively. We draw attention to the mismatch between the Sep/19 contract at B3 and the ports. While the former trades at around R$ 35.00/sc, current port premiums and high exchange rate support the parity at R$
38.00/sc.
Source: agrolink | Author: Leonardo Gottems
