At 10:05 am (Brasilia time) this Wednesday (20), the July and September corn contracts traded on Chicago Stock Exchange (CBOT) They showed a sharp decline of 5.50 points and 1.15%, quoted at US$ cents 469.75/bushel and US$ cents 476.00/bushel, respectively. On the other hand, for the week, futures accumulated gains of 3.07% and 2.81%, in that order. On the previous day (19), the July contract fell 0.37%, to US$ cents 475.25/bushel, and the September contract fell 0.16%, to US$ cents 481.50/bushel. This morning, cereal prices remain pressured by the devaluation of more than 2% of oil in the international market, a factor that reduces the competitiveness of US ethanol produced from corn. Later, the Energy Information Administration (EIA) will release weekly data on production and stocks of the biofuel in the United States, important indicators of domestic demand for the cereal. The market continues to closely monitor the planting of the new crop in the Corn Belt. Data collected until Sunday (17) by the US Department of Agriculture (USDA) shows that planting advanced 19 pp last week, reaching 76% of the projected 38.58 million hectares – a pace in line with that recorded at the same point in the previous cycle, but ahead of the multi-year average (70%). Despite the accelerated pace of work, the USDA points out that 3.21 million hectares are expected to be lost, that is, producers are expected to harvest only 35.37 million hectares and produce about 406 million tons. As for the weather, the USDA's daily bulletin indicates that showers and some storms persist over the Ohio Valley, while in other areas a cold and dry climate prevails. "Temperatures near or below freezing were recorded early today in the far north of the Midwest, including many areas along and northwest of a line running from northeastern Nebraska to northern Wisconsin," the department states. On the radar are the slowdown in the 2025/26 corn harvest in Argentina – given the prioritization of soybean crops – and the final development of the second crop in Brazil, which accounts for more than 80% of Brazil's corn supply.
This text was translated by machine from Brazilian Portuguese.