At 10:10 am (Brasilia time) this Monday (15), the July corn contract traded on Chicago Stock Exchange (CBOT) The July contract showed a sharp decline of 6.25 points and 1.51%, quoted at US$ cents 406.50/bushel; the September contract fell 6.00 points and 1.43%, to US$ cents 414.75/bushel. On Friday (12), the July contract rose 0.24%, to US$ cents 412.75/bushel, and the September contract advanced 0.18%, to US$ cents 420.75/bushel. In the week, on the other hand, futures accumulated losses of 1.14% and 1.46%, respectively. This morning, cereal prices were pressured by the drop of more than 5% in oil on the international market, after authorities from the United States and Iran stated that an initial agreement had been reached to end hostilities in the Persian Gulf and resume traffic through the Strait of Hormuz. The devaluation of fossil fuels reduces the competitiveness of American ethanol produced from corn. The market is also focused on weather conditions in the Corn Belt and the impacts on the development of the 2026/27 corn crop. A daily note from the United States Department of Agriculture (USDA) indicates that the arrival of a cold front follows the recent period of rain and storms, which caused only isolated damage to crops and agricultural infrastructure. "Even so, most corn and soybean areas in the region have sufficient soil moisture for normal development. Today's maximum temperatures in the Midwest will remain below 27°C, except in parts of the middle Missouri Valley," says the USDA. After the close of trading in Chicago, the Department will update its weekly bulletin with the stages and conditions of American crops. The weekly export report will be released shortly. However, larger losses were limited by the weakening dollar against major global currencies, with the DXY falling 0.30%. On the radar are the start of the winter corn harvest in Center-South Brazil and the progress of fieldwork in Argentina.
This text was translated by machine from Brazilian Portuguese.