At 10:00 AM (Brasilia time) this Wednesday (29), the September corn contract traded on the Chicago Board of Trade (CBOT) showed a moderate decrease of 3.25 points and 0.71%, trading at US$ cents 455.25/bushel; the December contract retreated 3.50 points and 0.73%, to US$ cents 477.00/bushel. For the week, futures accumulated losses of 1.93% and 2.15%, respectively. Yesterday (28), the September contract rose 1.49%, to US$ cents 458.50/bushel, and the December contract advanced 1.37%, to US$ cents 480.50/bushel. This morning, prices were pressured. due to the cooler weather recorded in parts of the central United States, where a heat wave had persisted for several days.
Furthermore, the National Weather Service indicates that sThunderstorms with precipitation are expected in parts of Nebraska, Iowa, and Illinois as the weekend approaches, which could improve crop prospects in those states.
Last week, U.S. corn crops showed a sharper deterioration in condition, with 63% rated as good/excellent, compared to 67% the previous week and 73% during the same period last year. Of the remainder, 25% were rated as fair and 12% as poor/very poor. Vegetative development, in turn, continues at an accelerated pace, with 78% of the planted area already in the silking stage and 24% in the heading stage. Limiting further losses, oil prices rose more than 6% on the international market, a factor that increases the competitiveness of U.S. corn-based ethanol.
This text was translated by machine from Brazilian Portuguese.