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Cepea, March 4, 2024 – In spite of the rainfall in many corn producing regions in Brazil, crop activities are more advanced compared to the season before. In general, rains have been limiting the planting in some areas, but they have been favoring most summer crops planted after the ideal period and second crops.
Due to favorable weather conditions (which boost expectations for the second crop harvest) and the current remaining stocks, prices are moving down, scenario that has been reinforced by the low liquidity. Purchasers are away from trades in the spot market, expecting new price drops, based on the possible higher supply of the summer crop and on the lower export parity.
In February (from Jan. 31 to Feb. 29), the ESALQ/BM&FBovespa Index (Campinas, SP) downed only 0.18%, closing at BRL 62.23/bag on Feb. 29.
EXPORTS – In 15 working days of February, Brazil shipped 1.67 million tons, accounting for 74% of the total exported in February/23. according to data from Secex.
CROPS – The summer crop harvest hit 24.9% of the area in Brazil up to Feb. 24, 8.2 percentage points more than in the same period of the previous season. The second crop planting, in turn, reached 59% of the total, 10.3 p.p. above in the same comparison.
(Cepea-Brazil)
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Fonte: Cepea