In the international market, Brazilian corn for export has more buyers than sellers, according to information released by T&F Consultoria Agroeconomia. “Using only the most rudimentary analytical tools, we can say that the Brazilian corn market FOB Santos has more buyers than sellers for both the old and new harvest, with August and September well supported at 70 cents compared to September”, he indicates.
“The real returned to slightly above R$ 5 to U$ 1 on Friday, while Cepea (Center for Advanced Studies in Applied Economics) domestic prices showed their first (modest) increase since the end of May. The Argentine line shows around 2.5 MT scheduled to depart in the coming weeks with Vietnam still the busiest destination,” he adds.
In this scenario, purchasing from Asia remains contained, with signs of some pressure on July shipment offers to North and South Vietnam. Furthermore, United States ethanol production is recovering ground, but concerns about how sustainable the pace of recovery will be, informs the consultancy.
On North American soil, corn crop conditions worsened. “The weekly monitoring report for American crops, released by the USDA (US Department of Agriculture) after the trading session, maintained at 15 pp the crops classified as 'excellent' and a worsening of 4% in the crops classified as 'good', in compared to last week”, he states. As a result, there was a drop to 71%, against the 75% of the previous week, in crops in good conditions in the USA.
Source: agrolink
READ TOO:
{module 441}
{module 442}
