Agricultura

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Agricultura

Corn prices for one more month in the Brazilian market

 
Cepea, November 3, 2021 – Brazilian purchasers have not been interested in buying corn in the national spot market, keeping pressure on values in most of the regions surveyed by Cepea.

 

These purchasers are aware of the slow export pace for corn, the good development of the summer crop in Brazil and the progress of the corn harvesting in the United States. Besides, these agents claim to have inventories. On the other hand, some sellers have been more willing to lower asking prices, since many of them still have the product stocked and need to sell it to receive the summer crop.

 

In Campinas (SP), the average of the ESALQ/BM&FBovespa Index for corn in October closed at BRL 89.92/60-kilo bag, the lowest since February, in nominal terms. Between Sept. 30 and October 29, this Index dropped by 5.4%, to BRL 86.84 (USD 15.38)/bag on Oct. 29, the lowest since June.

 

With the recent devaluations, the average corn price in the interior of Brazil neared values at ports even more. However, sellers still prefer to trade it in the domestic market. Thus, the export pace continues slow.

 

CROPS – Rains interleaved with sunny days favored sowing and raised expectations for a high output. In Paraná, sowing of the first 2021/22 crop (Summer crop) has reached 93% of the state area, according to data from Deral/Seab released on Oct. 25. According to Deral, the area allocated to the first crop of corn is expected to be 14% larger, estimated at 423.7 thousand hectares this year. The output is forecast at 4.13 million tons, 33% higher than that in the previous crop.

 

In Rio Grande do Sul, data from Emater indicate that 75% of the area allocated to the summer crop of corn had been sown until Oct. 28. In central-western Brazil, sowing in Goiás had reached 15% of the state area until Oct. 23, according to Conab. In São Paulo and in Minas Gerais, activities had reached 55% and 10% of the respective areas until Oct. 25 (Conab).

 

(Cepea-Brazil)

 

 

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