The July corn contract traded on Chicago Board of Trade (CBOT) The futures contract closed this Wednesday (27) with a sharp drop of 5.00 points and 1.09%, quoted at US$ cents 452.50/bushel; the September contract fell 4.50 points and 0.97%, to US$ cents 459.75/bushel. For the week, futures accumulated losses of 2.32% and 2.13%, respectively. In this trading session, cereal prices were pressured by the further 5% drop in oil on the international market, with the market positively assessing the negotiations between the United States and Iran for a ceasefire in the Middle East and also by the accelerated pace of planting for the 2026/27 crop in the Corn Belt. A survey conducted until Sunday (24) by the United States Department of Agriculture (USDA) shows that sowing reached 86% of the estimated area, a pace in line with that recorded at the same point in the previous cycle, but ahead of the average of the last five years (83%). Furthermore, 60% of the area has already reached the emergence phase, compared to 65% in the previous season and 58% in the multi-year average. The USDA's daily weather bulletin indicates that rain showers persist from central and southern Illinois to Ohio, causing occasional delays in the completion of planting. Topsoil moisture is 47% above normal in Ohio and 24% above normal in Indiana and Missouri. "In contrast, producers in Michigan, North Dakota, and Wisconsin managed to plant between 20% and 28% of their corn and soybean areas during the week ending May 24," the USDA points out. The market also continued to react to corn inspections for export, which totaled 1.582 million tons in the week ending May 21, within analysts' projections, which ranged from 1.100 to 1.700 million tons. The volume is 13.0% higher than that recorded in the previous week and 11.5% above that shipped in the same period last year. On the radar is the prospect of ample supply in South America, with Brazil expected to begin harvesting its winter crop soon. In Argentina, the 2025/26 harvest has slowed in recent weeks due to the prioritization of soybeans, but expectations are for a record harvest, which should reach at least 64 million tons, according to local agricultural entities.
This text was translated by machine from Brazilian Portuguese.