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Cepea, April 3, 2024 – Producers in Brazil were focused on crop activities in late March, offering batches in the spot market only when they need to make cash flow. The summer crop harvest has been advancing and the 2023/24 second crop planting is close to the end. The rainy weather at the end of March has favored the development of the second crop in Brazil, bringing positive expectations about the production.
Some purchasers, mainly from consuming regions, were operating more actively in late March. In spite of that, corn quotations dropped, influenced by international price decreases. From February 29 to March 28, the ESALQ/BM&FBovespa Index (Campinas, SP) moved down 0.72%, closing at BRL 61.78/bag on March 28.
PORTS – In the first 16 working days of March, the daily average of exports is 63% lower than that in March/23, according to data from Secex. In the partial of the month, sales had totaled 245 thousand tons, against 1.33 million tons verified in the same month last year.
CROPS – Rains in major producing regions have favored second corn crops. Data from Conab indicate that, up to March 24, 96.8% of the area in Brazil had been planted, advancing 4.5 and 5.7 percentage points in one week and in one year, respectively. As for the summer crop, the harvest had totaled 42.8% of the area, upping 5.8 and 0.9 p.p., respectively – data from Conab.
(Cepea-Brazil)
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Fonte: Cepea