At 10 am (Brasilia time) this Wednesday (24), the July corn contract traded on Chicago Stock Exchange (CBOT) The July futures contract showed a slight increase of 1.75 points and 0.43%, quoted at US$ cents 411.50/bushel; the September contract advanced 2.00 points and 0.48%, to US$ cents 419.75/bushel. However, in the partial week, futures accumulated losses of 1.44% and 1.29%, respectively. On the previous day (23), the July contract fell 0.43%, to US$ cents 409.75/bushel, and the September contract ceded 0.48%, to US$ cents 417.75/bushel. This morning, the market adjusted positions, given the successive losses recorded in recent days. The most active contracts for the cereal have accumulated a devaluation of almost 8% in June. The main market fundamentals remain negative for corn prices: oil fell almost 3% in the international market – a factor that reduces the competitiveness of US corn-based ethanol – and weather conditions remain favorable for the development of the 2026/27 crop in the Corn Belt. Of the planted area, 97% has reached the emergence stage, a pace in line with the last 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 crop (4%) and the normal average (3%). Later, the Energy Information Administration (EIA) will release weekly production and ethanol stock data for the last week, an important indicator of domestic corn demand in the US. Ongoing harvests in Brazil and Argentina remain on the radar, which should increase the competitiveness of these two countries in the international market in the coming months.
This text was translated by machine from Brazilian Portuguese.