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Cepea, December 6, 2023 – Corn prices moved up in the Brazilian market in November, boosted by the firm pace of exports and high domestic demand. Moreover, sellers were refrained, offering small volumes in the spot market, betting on new valuations – they were also focused on the delay of summer crop sowing activities, which may affect the second crop.
The ESALQ/BM&FBovespa Index (Campinas, SP) closed at BRL 62.74 (USD 12.74)/bag on November 30, the highest value since early May this year – BRL 62.85 (USD 12.59)/bag –, and moving up 4.53% over the month.
According to Secex, Brazilian corn exports reached 7.4 million tons in November, 25.7% up compared to that verified in the same month of 2022.
CROPS – Sowing activities have gained pace over the last days of November, favored by rains in the Central-Western and the Southeastern areas in Brazil and the lower volume of rainfall in the South. According to Conab, 55% of the summer crop area had been planted until November 25, a delay of 13.6 percentage points compared to the crop before.
(Cepea-Brazil)
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Fonte: Cepea