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Cepea, February 19, 2024 – Carnaval in Brazil in mid-February slowed down corn trades in the Brazilian spot market. While consumers continued to use inventories, producers were progressing with crop activities.
The ESALQ/BM&FBovespa Index (Campinas, SP) has been operating at around BRL 62.00 per 60-kilo bag since the beginning of this month. Between January 31 and February 16, the Index rose 0.21%, closing at BRL 62.47/bag on Feb. 16.
Players were focused on the soy harvest and on the shortage of transportation, which has been boosting freight values for corn. In case this context continues, corn prices may move up in the coming weeks.
SHIPMENTS – In the first seven working days of February, Brazilian corn exports totaled 1.01 million tons, which already represents 44.5% of the total shipped in Feb/23 – data from Secex. If this pace continues, Brazil may export 3.05 million tons this month.
CROPS – According to data from Conab, 18.6% of the summer crop area had been harvested until Feb. 10. As for second crop sowing activities, the percentage hit 31.5% – Conab data.
(Cepea-Brazil)
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Fonte: Cepea