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Wednesday (14) begins with corn futures prices falling on the Brazilian Stock Exchange (B3). The main prices fluctuated in the range between R$ 53.12 and R$ 62.35 at around 10:07 am (Brasília time).
July/23 was quoted at R$ 53.12 with a drop of 0.21%, September/23 was worth R$ 57.14 with a devaluation of 0.64%, November/23 was traded at R$ 59.80 with a loss of 0.42% and January/24 had a value of R$ 62.35 with a drop of 0.16%.
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International corn futures prices also opened this Wednesday's activities with a decline on the Chicago Stock Exchange (CBOT).
At around 9:44 am (Brasília time), the July/23 maturity was quoted at US$ 6.03 with a devaluation of 9.00 points, the September/23 was worth US$ 5.39 with a loss of 6.50 points, the December/ 23 was traded for US$ 5.44 with a drop of 7.00 points and March/24 had a value of US$ 5.53 with a drop of 6.75 points.
According to information from the international website Successful Farming, grain futures contracts fell in early morning trading in Chicago amid estimates of an increase in production in Brazil.
Brazil's second corn harvest is now projected at 96.3 million tons, up 0.2% from the previous forecast. This would represent a 12% year-over-year increase if realized. Total corn production in the country is expected to jump 11% to 125.7 million tons this year.
“Prices may also be falling as investors who were long the market, or betting on higher prices, sell their contracts and liquidate positions after prices reach certain levels,” highlights analyst Tony Dreibus of Successful Farming.
Source: Guilherme Dorigatti | Notícias Agrícolas
