At 9:40 am (Brasilia time) this Wednesday (17), the July corn contract traded on Chicago Stock Exchange (CBOT) The futures contract showed a strong increase of 6.25 points and 1.51%, quoted at US$ cents 420.00/bushel; the September contract advanced at the same intensity, to US$ cents 428.75/bushel. For the week, futures accumulated gains of 1.76% and 1.84%, respectively. Yesterday (16), the July contract fell 0.42%, to US$ cents 413.75/bushel, and the September contract retreated 0.06%, to US$ cents 422.50/bushel. This morning, cereal prices were supported by adverse weather conditions forecast for the Corn Belt. According to the National Weather Service (NWS), red flag warnings have moved eastward and now cover more than half of Nebraska, after remaining concentrated mainly in the northwest region of the state for much of the week. Severe storms are still forecast across much of Iowa this afternoon, which could further increase crop moisture, which is already saturated. Planting of the 2026/27 corn crop is complete in the Corn Belt, with over 90% of the area already emerged. Crop conditions improved slightly last week, but are still below those observed at the same time last season. Corn prices are also supported by the moderate appreciation of oil in the international market, which was rising again after falling almost 10% in the last two days. The appreciation of fossil fuels increases the competitiveness of American ethanol produced from corn. Despite the agreement signed between the United States and Iran to end the war in the Middle East, local media reports show that Israel continues to attack Lebanon, increasing fears that the conflict will escalate again. Later, the Energy Information Administration (EIA) will release its data on US oil production and inventories for the week ending June 12. The numbers are important indicators of domestic demand for corn. On the radar is the gradual increase in supply in South America in the coming months, as Brazil begins harvesting a bumper winter crop, and Argentina continues progressing with the harvest of the largest corn crop in history.
This text was translated by machine from Brazilian Portuguese.