Corn exports expected to increase at the beginning of the year


Image: Pixabay

The corn futures market on São Paulo's B3 showed modest, but positive, variations during the week, according to TF Agroeconomic. Furthermore, the expectation is that, with the maintenance of dollar quotations, exports will improve in the first half of 2022.

“In fact, prices at the port have improved – even if timidly – especially when compared to prices seen in the current domestic market, which has declined in all Brazilian regions. Here, downward pressure continues, with industries supplied with their stocks for December”, he comments. “At the close of this Friday, the market was as follows: January/21 maturity was quoted at R$ 86.30 (+1.41%); March/22 at R$ 86.30 (1.53%); May/22 was traded at R$ 83.90 (+0.96%) and July/22 at R$ 81.72 (+0.21%). In the weekly comparison, January/22 showed an increase of 0.47%; March/22 gains of 0.06%; May/22 – with the biggest differences – varied +1.55%; and July/22 had a drop of -0.43%”, he adds.

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In Chicago, corn closed down for the second day in a row, due to profit taking and favorable weather. “The corn price for December21 closed at a further drop of 0.44% or 2.50 cents/bushel to $ 570.50. The July22 price, important for Brazilian exports, also closed down 0.43% or $2.50 cents/bushel at $ 582.25”, he indicates. “ CAUSES: Fund sales put pressure on prices. Drops in oil and a firm dollar conveyed weakness. The favorable climate and production prospects in South America operate in the same direction”, he concludes.

By: Leonardo Gottems | agrolink

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