Corn prices rise due to tensions in the Middle East

Tensões no Oriente Médio puxam preços do milho em Chicago nesta sexta-feira
Image: Pixabay

Friday (19) starts with futures prices for corn showing positive performance on the Brazilian Stock Exchange (B3). After all, the main prices varied between R$ 57.66 and R$ 62.19 at around 10:21 am (Brasília time).

They traded May/24 at R$ 57.87, showing an increase of 0.07%, while they quoted July/24 at R$ 57.66, with an increase of 0.14%. On the other hand, September/24 traded at R$ 59.37, indicating an increase of 0.15%, and November/24 reached R$ 62.19, with a gain of 0.06%.

Prices on the foreign market

In addition, international corn futures prices also began activities this Friday with positive movements on the Chicago Stock Exchange (CBOT), with advances observed around 9:44 am (Brasília time).

Traders quoted May/24 at US$ 4.29, increasing it by 2.75 points. July/24 reached US$ 4.39, also appreciating by 2.75 points. September/24 traded for US$ 4.47, with an increase of 2.25 points. Finally, December/24 reached US$ 4.62, recording a gain of 2.25 points.

According to information from the international website Farm Futures, corn prices rose after a nighttime missile attack by Israel on Iran intensified war tensions in the Middle East. 

“Higher oil prices put upward pressure on ethanol and its feedstocks, which include corn and soybeans,” Commonwealth Bank analyst Dennis Voznesenski told Reuters overnight. 

Source: Guilherme Dorigatti | Notícias Agrícolas

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