Corn Market: Overview of the week - 27/01/2023

After oscillating in the mixed field, the future price of corn ends the week in the negative field on the Brazilian stock exchange (B3), registering prices between R$86,43 and R$88,86 this Friday morning (27,01).

In the international market, we observed the same downward trend on the Chicago Stock Exchange (CBOT) after a slight increase in corn futures prices the previous day. For March/2023 the drop was calculated at 3,75 points, with a price of US$6,78 and for May/2023 the devaluation lowered the value of the bushel to US$6,76 with a drop of 4,00 points in relation to the Last day.

The Brazilian currency appreciated, favoring internal trade in the country, a factor that should guide grain prices, especially at ports.

In Rio Grande do Sul, buyers are beginning to put pressure on businesses with lower prices due to the progress of the harvest and difficulties with exports. In São Paulo, business was reported at R$83 and R$84,00 for FOB freight and at R$89,00 for CIF freight. In Goiás, deals at R$79,00 in Mineiros. In Minas Gerais, excessive rain hinders the progress of the soybean harvest and leaves space for corn negotiations. Offers registered at R$80,00 in the Minas Gerais triangle and R$76,00 in Unaí. (Harvests and Markets) In Mato Grosso, a market focused on the movement of soybeans, with no negotiations for available corn, which has values ​​between R$60,00 and R$64,00 across the state.

Just this week, the Buenos Aires Stock Exchange pointed out in a report that the rains recorded in recent days helped corn planting to advance to 94% of the planted areas. Despite the maintenance of losses for areas planted early, producers are taking advantage of the last days of the planting window of 7,1 million hectares. Countries like Brazil and the United States are already paying attention to the new perspective on the Argentine harvest.