The July corn contract traded on Chicago Board of Trade (CBOT) The corn futures contract closed this Wednesday (17) with a strong increase of 7.25 points and 1.75%, quoted at US$ cents 421.00/bushel; the September contract rose 7.00 points and 1.66%, to US$ cents 429.50/bushel. For the week, futures have accumulated partial gains of 2.00% and 2.08%, respectively. This morning, cereal prices were supported by adverse weather conditions forecast for the Corn Belt. According to the daily bulletin from the United States Department of Agriculture (USDA), excessive rainfall is causing delays in fieldwork, but at the same time maintaining abundant to locally excessive moisture reserves for the rapid development of crops. Earlier today, some of the most intense rainfall – accompanied by isolated episodes of severe weather, including strong winds – occurred in the central region of the Corn Belt. On June 14, prior to the most recent storm event, topsoil moisture was already rated 44% above normal in Missouri, 28% above normal in Illinois, and 19% above normal in Indiana and Iowa. Planting of the 2026/27 corn crop is complete in the Corn Belt, with over 90% of the area already emerged. Crop conditions improved slightly last week, but are still below those observed at the same time last season. Corn prices also received support from the moderate appreciation of oil in the international market, which rebounded after plummeting almost 10% in the last two days. The appreciation of fossil fuels increases the competitiveness of US corn-based ethanol. Earlier, the Energy Information Administration (EIA) reported that US ethanol production registered a slight decline last week, while biofuel stocks increased marginally. On the radar is the gradual increase in supply in South America in the coming months, as Brazil begins harvesting a bumper winter crop, and Argentina continues to progress with harvesting the largest corn crop in history.
This text was translated by machine from Brazilian Portuguese.