At 10:15 am (Brasilia time) this Tuesday (7), the September corn contract traded on Chicago Stock Exchange (CBOT) The September contract was stable with a downward bias (-0.25 points and -0.06%), quoted at US$ cents 438.00/bushel; the December contract was stable, at US$ cents 457.75/bushel. Yesterday (6), the September contract rose 3.61%, to US$ cents 438.25/bushel, and the December contract jumped 3.68%, to US$ cents 457.75/bushel. This morning, the market adjusted positions, given the robust gains recorded the day before and also last week, while remaining attentive to the development of corn crops in the Corn Belt. A survey conducted by the United States Department of Agriculture (USDA) until Sunday (5) shows that 16% of the total sown area has already reached the silking stage, a pace practically in line with the previous season (17%) and slightly above the average of the last five years (14%). Furthermore, 3% is already in the silking stage. Regarding crop conditions, 67% were classified as good/excellent – stable compared to the previous week, but below the 74% of last season. Of the remainder, 25% were rated as fair and 8% as poor/very poor. The USDA's daily bulletin indicates that temperatures in the Corn Belt remain mostly favorable for summer crops that are in the reproductive phase and are only expected to exceed 32°C later today in some producing areas in the west, such as Nebraska and South Dakota. Further supporting prices, yesterday's weekly USDA report indicated higher-than-expected corn shipments in the week ending July 2nd. Oil rose almost 2% in the international market, with investors reacting to recent reports of attacks on vessels near the Strait of Hormuz. The appreciation of fossil fuels increases the competitiveness of US ethanol produced from corn.
This text was translated by machine from Brazilian Portuguese.