On Wednesday (3), the January corn contract traded on Brazilian Stock Exchange (B3) The price registered a sharp drop of 1.32%, quoted at R$ 75.00/sack, but with an accumulated gain of 2.45% for the week. The March contract fell 0.61%, to R$ 76.48/sack, however, with a weekly appreciation of 2.04%. In this trading session, domestic prices followed both the fall of exchange, a factor that reduces the competitiveness of export-oriented grain, as well as the devaluation of equivalent grain contracts in Chicago Board of Trade (CBOT)However, greater losses were limited by the delay in soybean planting in Brazil, which tends to put pressure on the planting window for winter corn next year – the second crop represents about 70% of the national cereal production. Summer corn planting is also delayed compared to last season and the average of recent years. A survey conducted by… DATAGRO Grains As of last Friday (28), planting reached 85.6% of the projected area for the Center-South of Brazil, after advancing 7.6 percentage points in seven days. In the same period last year, sowing was at 88.1%; on average over the last five years, it was at 92.9%.
This text was translated by machine from Brazilian Portuguese.