Future prices of corn continue to record positive movements on the Brazilian Stock Exchange (B3) throughout this Wednesday (29). The main quotations fluctuated in the range between R$ 71.10 and R$ 75.19 at around 1:42 pm (Brasília time).
The contract maturing in March/25 quoted R$ 75.19, registering an increase of 0.45%. The May/25 contract reached R$ 75.08, with an increase of 0.60%, while the July/25 contract reached R$ 71.10, marking a gain of 0.35%.
External market
On the Chicago Stock Exchange (CBOT), Wednesday also continues to be positive for international corn futures prices, which increased their advances at around 1:32 pm (Brasília time).
The March/25 contract rose to US$ 4.97, up 12.25 points. The May/25 contract reached US$ 5.08, up 12.00 points. The July/25 contract was traded at US$ 5.09, up 11.00 points, while the September/25 contract reached US$ 4.70, accumulating a gain of 7.25 points.
According to information from the international Farm Futures website, speculators have already started the day optimistic and eyeing the psychologically important level of US$ 5.00, as the strength of the market in the last two sessions suggested that they could make another effort this week.
“Traders continue to follow weather patterns in South America. Forecast models for February indicate that dry weather will continue across much of Argentina, while Brazil will face wet conditions. In Argentina, an outlook for cool but dry conditions in February suggests considerable downside risks to crops due to drought,” said Bruce Blythe, analyst at Farm Futures.
Source: Guilherme Dorigatti | Notícias Agrícolas
