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Corn opens the week with a strong gain on CBOT

Posted by Rafael Moro

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At 8:09 am (Brasília time) this Monday (4), the contract for May corn quoted on the Chicago Stock Exchange (CBOT) recorded a strong rise of 9.50 points and 1.29%, trading at US$ 744.50/bushel cents; July's rose 11.00 points and 1.52%, at US$ 732.75/bushel cents.

On Friday (1st), the May maturity of the cereal devalued 1.84%, with a devaluation of 2.52% in the week. The fall in WTI oil on the New York Commodity Exchange (Nymex) had repercussions on the grain, a factor that reduces the competitiveness of corn-based ethanol. This morning, prices were supported by the continuation of the war in Eastern Europe, which goes into the 40th day.

The latest meetings between the Russian and Ukrainian delegations have not progressed as expected and no ceasefire agreement is expected to take place in the short term. Heated international demand also boosts prices.

The United States Department of Agriculture (USDA) reported a sale of 136,000 tonnes of corn to an undisclosed destination on Friday, with shipment scheduled for the 2021/22 business year – for the week, sales totaled 263, 92 thousand t. The USDA today releases its shipments report for the week ended March 31.

Information on the behavior of the global financial market, the war in Ukraine, the weather in South America and the demand for the North American product remain on the market's radar.

This text was translated by machine from Brazilian Portuguese.