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Cepea, August 5, 2024 – Corn prices increased in Brazil in July, despite the decrease of international prices and the international demand below that verified last year. Sellers were unwilling to close deals at the end of the month, focused on recent dollar valuations against Real, which boosts the export parity and may increase the interest to trade at ports.
Prices upped at the ports in late July, but the pace of trades and shipments continued slow, since exporters were prioritizing to receive batches traded before.
The ESALQ/BM&FBovespa Index (Campinas, SP) rose 3.46% between June 28 and July 31, closing at BRL 59.20 per 60-kilo bag on July 31. The US dollar rose 1.32% against Real in the same comparison, closing at BRL 5.662.
Up to the fourth week of July, Brazil shipped 2.76 million tons of corn, below the 4.23 million tons verified in the same month of 2023. Anec indicates that international sales are likely to amount 4.73 million tons in July. However, considering the daily pace of exports (138 thousand tons), and the 23 working days of July, the volume may total 3.17 million tons.
At the ports of Paranaguá (PR) and Santos (SP), quotations continue above BRL 60/bag.
HARVEST – Conab indicated that the harvesting of the second crop reached 86% of the total until July 28, moving up 6.4 percentage points in one week and 29 p.p. compared to that verified in 2023.
As for the second crop in Mato Grosso, 99.28% of the area had been harvested until July 26 (data from Imea). In Paraná, activities reached 85% up to July 29 – data from Seab/Deral.
(Cepea-Brazil)
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Fonte: Cepea