The July corn contract traded on Chicago Board of Trade (CBOT) Corn futures closed this Thursday (25) with a significant increase of 7.75 points and 1.90%, quoted at US$ cents 414.75/bushel; the September contract rose 8.50 points and 2.04%, to US$ cents 424.25/bushel. However, for the week, futures accumulated partial losses of 0.66% and 0.24%, respectively. After starting the day lower, following the trajectory of recent days, cereal prices gained strength in this trading session, supported by the more than 2% increase in oil on the international market. The appreciation of fossil fuels increases the competitiveness of US ethanol produced from corn. The weakening of the dollar abroad also supported prices, with the DXY falling 0.20% near the close of trading on the CBOT. However, the main market fundamentals remain bearish for corn. The 2026/27 corn crop is showing good development in the Corn Belt. A survey conducted by the United States Department of Agriculture (USDA) up to last Sunday (21) shows that the first crops have reached the silking stage, a faster pace than observed in the same period of the last season. As for conditions, 68% of the crops were classified as good/excellent – the same percentage recorded in the previous week and slightly below the 70% of the last season. Of the remainder, 26% were rated as fair and 6% as poor/very poor. The National Weather Service announced earlier that temperatures could reach 38 °C this weekend, from the northern Midwest to the eastern Carolinas. "Warmer than normal weather is expected from the Great Plains to the Atlantic coast through July 4," it projected. Despite this likely rise in temperatures, reports so far indicate good water conditions for the crops. Furthermore, the Drought Monitor, released earlier by the USDA, indicates that areas experiencing drought decreased last week. The USDA announced today that corn export sales for the 2025/26 marketing year totaled 743,100 tons in the week ending June 18, a 36% decrease compared to the previous week and 27% below the average of the last four weeks. Net sales for delivery in the 2026/27 season totaled 735,900 tons during the period. 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.