[ad_1]
Cepea, January 3rd, 2024 – Corn prices started 2023 at firm levels, sustained by low ending stocks and concerns with the weather in the Southern area in Brazil, which had already been affecting the first crop. However, despite the delay of the second crop planting, weather conditions have favored the development of the plants, resulting in a record supply in the crop year. As a result, from April to June, values dropped steeply, but continued stable in the following quarter. From September onwards, due to the good pace of exports and the fact that players are concerned with the 2024 season, corn quotations increased, recovering a share of price drops.
According to data from Conab, the three crops in 2022/23 totaled 131.94 million tons, a record. Exports amounted 49 million tons from February to December, according to Secex. China was the major destination of the Brazilian product.
In the first semester (from December 29, 2022 to June 30, 2023), the ESALQ/BM&FBovespa Index (Campinas, SP) dropped 35.7%. The average of BRL 74.13 per 60-kilo bag in the first half of 2023 was 20% lower than that verified in the same period of 2022, in nominal terms. In the second semester (up to December 27), the Index rose 23%, averaging BRL 58.23/bag, 30% lower than that registered in the same period last year.
In global terms, the 2022/23 production was estimated by the USDA at 1.16 billion tons, downing 5% compared to the crop before. For Brazil, the USDA indicated an increase of 18% in the production.
As a result, Brazil became the biggest corn supplier to the international market in 2022/23, surpassing exports from the US: 53.29 million tons were shipped by Brazil, while 42.83 million tons were exported by the United States, according to the USDA.
(Cepea-Brazil)
[ad_2]
Fonte: Cepea