Corn closes bullish Tuesday on B3 and in the physical

Tuesday (09) comes to an end with corn prices having little movement, but rising in the Brazilian physical market. In a survey carried out by the Notícias Agrícolas team, devaluations were only noticed in Brasília/DF (1.37% and price of R$ 72.00).

Valuations appeared in the markets of Porto de Santos/SP (1.37% and price of R$ 74.00), São Gabriel do Oeste/MS (1.43% and price of R$ 71.00), Campinas/SP (1.80% and price of R$ 85.00), Amambaí/MS (2.05% and price of R$ 74.50) and Itapetininga/SP (2.50% and price of R$ 82.00).

Check out how they turned out all quotes this tuesday

According to the daily report from Radar Investimentos, “the physical corn market had few changes in the last few days and B3 futures were influenced by international movements”.

In Mato Grosso, corn sales continue to advance for the 2019/20, 2020/21 and 2021/22 harvests. The latest report released by Imea showed that 99.53% from the last harvest was sold in the state, 67.95% from the 2020/21 cycle has been sold and 10.92% has already been committed from the harvest that will be planted next year.

Meanwhile in Paraná, 10% of summer crops have already been harvested at the same time that 3% of off-season areas were sown, as Deral points out.

B3

Corn futures prices moved little on the Brazilian Stock Exchange (B3) this Tuesday. The main prices registered positive movements between 0.28% and 0.58% at the end of the day.

March/21 was quoted at R$ 86.86 with an increase of 0.40%, May/21 was worth R$ 85.00 with a gain of 0.58%, July/21 was traded for R$ 78.32 with an increase of 0.28% and September/21 had a value of R$ 75.94 with an appreciation of 0.56%.

For the market analyst at Brandalizze Consulting, Vlamir Brandalizze, the prices are very good for future fixation with B3 beating R$ 80.00 for positions close to the arrival of the off-season. Among the factors that help these increases is the rise in the dollar against the real on this day.

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USDA numbers disappointed and CBOT fell this Tuesday

External market

The Chicago Stock Exchange (CBOT) lost strength in the final stretch on Tuesday for international corn futures prices. The main prices registered negative movements between 3.50 and 8.50 points at the end of the day.

March/21 was quoted at US$ 5.56 with a drop of 7.50 points, May/21 was worth US$ 5.54 with a loss of 7.75 points, July/21 was traded at US$ 5.39 with devaluation of 8.50 points and September/21 had a value of US$ 4.82 with a drop of 3.50 points.

These indices represented drops, in relation to last Monday's closing, of 1.24% for March/21, 1.42% for May/21, 1.64% for July/21 and 0.62% for September/21 .

According to information from the international website Successful Farming, ending stocks of corn in the United States are not decreasing as much as expected, according to the latest supply/demand report from the USDA (United States Department of Agriculture) released this Tuesday.

“In its February WASDE report, the USDA published higher corn and soybean production estimates than trade estimates, resulting in a slight market reaction,” explains analyst Mike McGinnis.

In its report, the USDA estimated corn ending stocks for 2020/21 at 286.5 million tons versus the trade expectation of 279.79 million tons and the January USDA estimate of 283 million tons.

Peter J. Meyer, S&P Global Platts, head of grains and oilseeds analysis, told Successful Farming that the corn market was disappointed with just a 50 million bushel increase in corn exports. 

“Many, including S&P Global Platts, expected a 150 million bushel increase following record Chinese purchases in late January, but the USDA World Board remains reactive rather than proactive,” Meyer said.  

Another analyst, Sal Gilbertie of Teucrium Trading, agrees that markets were disappointed by the USDA's corn usage figures, which were well below expectations across all categories.

Per: Guilherme Dorigatti | Source: Notícias Agrícolas

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