On the afternoon of this Tuesday (24), corn futures references, in addition, continue to work with lows on the Chicago Stock Exchange (CBOT). At around 12:57 pm (Brasília time), the main contracts operate with drops of 4.50 to 5.00 points.
The December/23 contract contract was US$ 4.85 per bushel and down 5.00 points. The March/24 maturity was worth US$ 4.99 per bushel and with a decline of 4.50 points. The market traded the May 2024 contract at US$ 5.07 per bushel, registering a devaluation of 4.75 points, while the July 2024 contract was valued at US$ 5.12 per bushel, suffering a drop of 4.50 points. Therefore, the CBOT corn market situation remains challenging.
According to information from Reuters International, corn futures contracts in Chicago fell for the third consecutive session this Tuesday, reaching one-week lows, while markets remained under pressure from the advance of the harvest in the USA.
In the weekly report released after Monday's market close, the US Department of Agriculture (USDA) released important estimates. They stated that US farmers had harvested 75% of their soybean crop as of Sunday. Furthermore, they reported that 59% of the corn crop had already been harvested by the same day.
CBOT and B3
On the Brazilian Stock Exchange (B3), similarly, corn futures negotiations continue to operate with devaluations. The main prices worked, finally, with values in the range between R$ 59.54 and R$ 63.38 at around 1:00 pm (Brasília time).
The November/23 maturity was quoted at R$ 59.54 with a devaluation of 0.57%, January/24 was worth R$ 63.38 with a drop of 0.95%.
The market has already been feeling this weight of the dollar since the beginning of the week, as well as the slightly more contained liquidity, with more timid domestic businesses, however, with exports still quite strong.
“Business is flowing and most of it is destined for the ports and little for the domestic market, which continues to show weak interest from buyers from the feed industries who point out that they received a lot of corn from the off-season to be fixed and, in this way, they will work with this grain , acting little in free corn”, explains market consultant Vlamir Brandalizze, from Brandalizze Consulting.
Source: Andressa Simão | Notícias Agrícolas
