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Cepea, February 5, 2024 – Despite summer crop harvest advances, the pace of corn trades did not increase in late January, and prices moved down in most regions surveyed by Cepea. The ESALQ/BM&FBovespa Index (Campinas, SP) dropped 9.9% in January, closing at BRL 62.34 per 60-kilo bag on Jan. 31st.
Purchasers continued refrained from closing deals, expecting more price drops. Moreover, decreases for international values and the exchange rate also pressed down quotations in Brazil, by reducing the export parity. Producers, in turn, were focused on crop activities.
In the Southern area in Brazil, the harvest has been advancing and pressing quotations down. In the Southeast, the supply is high, despite the smaller summer crop. In the Central-West, remaining stocks from the 2022/23 season allow producers to increase the availability in the spot market.
CROPS – Up until January 27, the summer crop harvest hit 10.4%, for an increase of 1.8 percentage point in seven days, according to Conab. As for the second crop, due to soy harvest advances, producers were boosting the pace of the corn cowing. Up to Jan. 27, activities totaled 10.3% of the area in Brazil, advancing 5.3 percentage points in one week – Conab data.
SHIPMENTS – In 19 working days of January, 4.59 million tons of corn were exported, against 6.13 million tons in the entire month of January last year, according to data from Secex.
(Cepea-Brazil)
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Fonte: Cepea