The September corn contract traded on Chicago Board of Trade (CBOT) The corn futures contract closed this Friday (31) with a sharp drop of 5.00 points and 1.12%, quoted at US$ cents 440.75/bushel; the December contract retreated 4.50 points and 0.96%, to US$ cents 464.00/bushel. For the week, futures accumulated losses of 5.06% and 4.82%, respectively; while in July, gains of 5.76% and 6.42%, respectively. In this trading session, corn prices followed the drop of more than 3% in wheat, in addition to receiving pressure from more favorable weather for the development of North American crops. A daily bulletin from the United States Department of Agriculture (USDA) indicates that "beneficial rains recorded from the Mississippi Valley westward are helping to stabilize crop conditions, which had deteriorated during the recent period of heat and dry weather". The increased supply in South America also weighed on prices. The winter crop harvest in Brazil has surpassed 60% of the cultivated area in the Center-South of the country, with good yields in Mato Grosso, the main producing state. In Argentina, the 2025/26 harvest is 70% complete, with local entities pointing to a record production of more than 65 million tons. However, greater losses were limited by the rise in oil prices on the international market and by strong domestic and foreign demand for US corn. Earlier this week, the Energy Information Administration (EIA) reported that US ethanol production hit the second highest level ever recorded in the week ending July 24. The USDA, in turn, reported export sales for the 2026/27 marketing year above investor expectations.
This text was translated by machine from Brazilian Portuguese.