At 10:05 am (Brasilia time) this Tuesday (16), the July corn contract traded on Chicago Stock Exchange (CBOT) The July contract showed a slight decrease of 1.75 points and 0.42%, quoted at US$ cents 413.75/bushel; the September contract retreated 1.25 points and 0.30%, to US$ cents 421.50/bushel. On the previous day (15), the July contract rose 0.67%, to US$ cents 415.50/bushel, and the September contract advanced 0.48%, to US$ cents 422.75/bushel. This morning, prices were pressured by the end of the planting of the 2026/27 corn crop in the United States, according to a report released by Department of Agriculture (USDA), with data collected up to last Sunday (14). The preliminary estimate points to a sown area of 38.58 million hectares, a number that may still be revised in the planted area report scheduled for the 30th. The survey also showed that 94% of the crops have already reached the emergence phase, slightly above the 93% observed in the same period last year and the average of the last five years. The weekly advance was eight percentage points. Regarding crop quality, 68% of the areas were classified as good or excellent, one percentage point above the previous week. Despite the improvement, the index remains below the 72% recorded in the same period of the last harvest. Another factor of pressure came from international demand. US corn shipments totaled 1.637 million tons in the week ending June 11, according to USDAThe volume represents a decrease of 18.7% compared to the previous week, when shipments totaled 2.014 million tons. Year-on-year, the decline was 3.4%. Regarding weather, investors continue to monitor conditions in the Corn Belt, the main corn and soybean producing region in the US. According to… US National Weather Service (NWS)Isolated thunderstorms forecast for northern Illinois on Tuesday are expected to develop into more severe conditions throughout the day, with a risk of hail and strong winds in some areas. In addition, the sharp drop in international oil prices also weighed on the market, a movement that reduces the competitiveness of corn-based ethanol.
This text was translated by machine from Brazilian Portuguese.