The September corn contract traded on Chicago Board of Trade (CBOT) The US corn futures contract closed this Wednesday (29) with a significant drop of 9.50 points and 2.07%, quoted at US$ cents 449.00/bushel; the December contract fell 8.75 points and 1.82%, to US$ cents 471.75/bushel. For the week, futures accumulated partial losses of 3.28% and 3.23%. In this trading session, prices were pressured by the colder weather recorded in parts of the central United States, where a heat wave had persisted for several days. In addition, the National Weather Service indicates that precipitation is expected in parts of Nebraska, Iowa, and Illinois as the weekend approaches, which could improve crop prospects in those states. Last week, US corn crops showed a sharper deterioration in their conditions, with 63% rated as good/excellent, compared to 67% the previous week and 73% in 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, WTI crude oil surged more than 6% on the New York Mercantile Exchange (Nymex), a factor that increases the competitiveness of US corn-based ethanol. The DXY – an index that compares the strength of the dollar against major global currencies – traded near stability during negotiations, with the market attentive to the Federal Reserve's (Fed) decision to maintain US interest rates between 3.50% and 3.75% per year.
This text was translated by machine from Brazilian Portuguese.