At 10:15 am (Brasilia time) this Monday (6), the September corn contract traded on Chicago Stock Exchange (CBOT) The price of the futures contract registered a significant increase of 12.25 points and 2.90%, quoted at US$ cents 435.25/bushel; the December contract rose 13.50 points and 3.06%, to US$ cents 455.00/bushel. In the last trading session (2), the September contract closed stable with an upward bias (+0.25 points and +0.06%), at US$ cents 423.00/bushel, while the December contract fell 0.40%, to US$ cents 440.75/bushel. On Friday (3), trading was suspended due to Independence Day. This morning, cereal prices followed the generalized rise in the grain complex in Chicago, with the market reflecting concerns about the weather. The daily bulletin from the United States Department of Agriculture indicates that, in the Corn Belt, temperatures have mostly returned to near or slightly below average levels after the recent period of heat. "This milder weather is benefiting corn and soybean crops that are entering the reproductive phase. However, a heat band over the western portion of the belt will cause today's maximum temperatures to reach 32°C or more, mainly in Nebraska and South Dakota," states the USDA. Later, the department will publish the weekly export report; after the close of trading in Chicago, the updated bulletin with the development stages and conditions of US crops will be released. The week will also be marked by the release, on Friday (10), of the monthly supply and demand report. Limiting further gains, oil continued to decline in New York, a factor that reduces the competitiveness of US ethanol produced from corn. Furthermore, the DXY – an index that compares the strength of the dollar against major global currencies – was up 0.25%. On the radar are the winter crop harvest in Brazil and the progress of work in Argentina, both of which are being impacted by high crop moisture levels.
This text was translated by machine from Brazilian Portuguese.