According to TF Agroeconomic, the return of China after the holidays could reactivate demand for corn in the foreign market. “The premiums maintained their decline from $ 10 cents/bushel to $ 55 for July/24, remained at $ 55 in August/24, and $ 60 in September/24 and were not quoted for October/24, in the ports of Santos and Shark”, he comments.
In China, on the first day after returning from the holiday, the price of corn for March it fell by 16 CNY/t, for May, 17 CNY/t. Consequently, the price of corn starch decreased by 11 CNY/t for March and significantly by 52 for May. Furthermore, the price of eggs decreased by 64 CNY/500kg for March. On the other hand, pig prices increased by 60 CNY/t for March and 120 for May.
Corn market dynamics
In Argentina, corn saw a marginal increase in the number of open positions, in a context where the number of buyers willing to transact business was lower. MATBA price fell to US$ 167.70 in April, -US$ 169 previously, with no Chicago presence in the port.
Regarding the approximate prices of Argentine corn FOB, these closed around US$ 191 for February, US$ 180 for March, and US$ 184 for April. Flat corn prices in the US remained at US$ 189 FOB, while in Argentina, a drop was observed to US$ 184 FOB Up River. Additionally, prices fell to US$ 188 FOB in Santos, but remained at US$ 195 FOB in France, US$ 175 FOB in Romania, US$ 180 in Russia and US$ 170 in Ukraine.
In Paraguay, the market is stagnant. Corn negotiations have practically ceased, with buyers indicating prices between US$175.00 – 180.00/ton in Asunción and surrounding areas. While sellers, on the other hand, show a lack of interest in selling their lots at those prices, which results in an expectant and unmoving market.
Source: Leonardo Gottems | agrolink
