Corn falls on B3 and in Chicago with focus on climate

Milho recua na B3 e em Chicago com foco no clima
Image: Canva

Wednesday (02) starts with the future prices of corn operating in the negative field of the Brazilian Stock Exchange (B3). In this sense, the main quotations fluctuated in the range between R$ 61.19 and R$ 70.85 at around 10:07 am (Brasília time).

According to the latest data, the July/25 contract was quoted at R$ 62.51, down 0.62%. The September/25 contract was worth R$ 61.19, down 0.63%. In addition, November/25 was traded at R$ 65.84, down 0.26%, while January/26 was worth R$ 70.85, down 0.25%.

External market

International corn futures prices also opened Wednesday in decline on the Chicago Board of Trade (CBOT). At around 10:05 am (Brasília time), contracts were registering negative movements, with declines in the main maturities.

The July/25 contract was quoted at US$ 4.16, down 3.50 points. The market quoted the September/25 contract at US$ 4.03, down 2.75 points. The December/25 contract was priced at US$ 4.19, down 3 points. Finally, the March/26 contract was quoted at US$ 4.35, down 3 points.

According to information from the international website Farm Futures, weather is the main driver of the corn market. The USDA (United States Department of Agriculture)'s acreage update, released on Monday, was slightly below expectations. However, this variation was not enough to change the growing confidence in the prospect of record productivity and production.

“The National Weather Service’s (NHS) 8- to 14-day forecast indicates that more moderate temperatures and above-normal precipitation are expected to follow this week’s extreme Midwest heat into the middle of next week. This would appear to further favor declines if less threatening weather sets in as the corn crop approaches pollination,” said Bruce Blythe, analyst at Farm Futures.

Source: Guilherme Dorigatti | Notícias Agrícolas

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