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Cepea, June 18, 2024 – Increases of international prices (which boost the export parity), of premiums and of dollar quotations resumed increasing corn values at the ports in mid-June. However, in the partial of June (up to June 17), quotations dropped at the Paranaguá port (PR). Still, values continue above BRL 60.00/60-kg bag.
In Paranaguá, values downed 1% between May 31 and June 17, closing at BRL 60.85/bag on June 17. Dollar prices, in turn, moved up 3.2% in the same period, closing at BRL 5.424.
In the interior of Brazil, although producers were focused on increases of international prices and were evaluating the impacts of the weather on crops, regional values continue low.
The harvest advance of both first and second crops and the low demand have been pressing values down. From May 31 to June 17, the ESALQ/BM&FBovespa Index (Campinas, SP) dropped 2.76%, closing at BRL 57.72 per 60-kilo bag on June 17.
ESTIMATES – In spite of producers concerns about the impacts of the dry weather on second corn crops and floods in Rio Grande do Sul, Conab released a report on June 13 indicating possible increases in the total 2023/24 output in Brazil. The season is likely to amount 114.14 million tons, against 111.63 million tons projected in May, but still 13.5% lower than in 2022/23.
Conab says that the second corn crop may total 88.11 million tons – in May, it indicated 86.15 million tons. As for the first and third crops, Conab now forecasts 23.62 and 2.4 million tons, respectively.
(Cepea-Brazil)
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Fonte: Cepea