The September corn contract traded on Chicago Board of Trade (CBOT) The futures contract closed this Monday (6) with a significant increase of 15.25 points and 3.61%, quoted at US$ cents 438.25/bushel. The December contract jumped 16.25 points and 3.68%, to US$ cents 457.75/bushel. In this trading session, cereal prices followed the generalized increase in the grain complex in Chicago, which was supported by weather concerns and speculation about Chinese demand. The daily bulletin from the United States Department of Agriculture points out that, in the Corn Belt, temperatures have mostly returned to levels near or slightly below average, 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," says the USDA. Strong international demand also supported prices. Earlier, the USDA reported that US corn shipments totaled 1.642 million tons in the week ending July 2, a volume 5.0% higher than that shipped in the same period last year (1.564 million tons). The result also exceeded analysts' projections, which ranged between 1.3 and 1.6 million tons. Shortly, the USDA will publish the updated bulletin with the development stages and conditions of US crops. The week will also be marked by the release, on Friday (10), of the monthly supply and demand report. Limiting further gains, oil fell 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 the main global currencies – traded higher throughout the day. On the radar are the winter crop harvest in Brazil and the progress of work in Argentina, both of which are being impacted by the high moisture content of the crops.
This text was translated by machine from Brazilian Portuguese.