At 10:10 am (Brasilia time) this Tuesday (23), the July corn contract traded on Chicago Stock Exchange (CBOT) The July contract showed a slight increase of 1.00 point and 0.24%, quoted at US$ cents 412.50/bushel; the September contract advanced 1.25 point and 0.30%, to US$ cents 421.00/bushel. Yesterday (22), the July contract fell 1.44%, to US$ cents 411.50/bushel; and the September contract fell 1.29%, to US$ cents 419.75/bushel. This morning, the market adjusted positions, given the fall noted the previous day and in recent weeks – the most active contracts for the cereal have accumulated a devaluation of more than 7% in June. With the planting of the 2026/27 crop completed in the Corn Belt, investors continue to keep an eye on weather conditions for crop development, while awaiting the annual planted area report, which will be released next Tuesday (30). The expectation is that the United States Department of Agriculture (USDA) will indicate an area planted with corn even smaller than the 38.58 million hectares presented in the planting intentions report, which came out at the end of March. Of the total planted area, 97% has already reached the emergence stage, a pace in line with the previous season and the average of the last five years. Furthermore, 5% of the crops are already in the silking stage, slightly ahead of the previous season (4%) and the normal average (3%). As for conditions, 68% were classified as good/excellent in the week ending June 21 – the same percentage recorded in the previous week, but below the 70% of the last season. Of the remainder, 26% were rated as fair and 6% as poor/very poor. The USDA recently reported a one-off sale of 100,000 tons of corn to Mexico, with 30,000 tons scheduled for delivery in the 2025/26 marketing year and 70,000 tons in the 2026/27 season. Corn export inspections released yesterday by the USDA totaled 1.454 million tons in the week ending June 18, a volume 12.0% lower than the previous week (1.650 million tons) and 3.3% below the amount shipped in the same period last year (1.504 million tons). Despite the declines, the volume was within analysts' projections, which ranged from 1.4 million to 1.9 million tons. After consecutive declines, oil prices – which directly influence the competitiveness of US corn-based ethanol – were trading near stability this morning. Meanwhile, the DXY – an index that compares the strength of the dollar against major global currencies – was up 0.30%. In South America, the 2025/26 winter crop harvest is gaining momentum in Brazil, with production expected to reach 112 million tons, the second largest volume in history, behind only the last harvest, according to projections by DATAGRO Grãos. In Argentina, the 2025/26 harvest is approaching half of the cultivated area, with the less optimistic USDA projection pointing to a harvest of 61 million tons. Local agricultural entities, such as the Buenos Aires Grain Exchange and the Rosario Stock Exchange, estimate production at 64 and 68 million tons, respectively.
This text was translated by machine from Brazilian Portuguese.