Cepea, October 2, 2024 – Corn prices moved up again in practically all regions surveyed by Cepea in September, due to the fact that sellers were away from closing deals, focused on crop activities and on the warm and dry weather in some areas that produce the summer crop.
The ESALQ/BM&FBovespa Index (Campinas, SP) upped 6.12% between August 30 and September 30, closing at BRL 64.30 per 60-kilo bag on Sept. 30.
It is worth noting that many producers have already finished the 2023/24 second crop harvesting and were able to store the production. Now, they are limiting the supply in the spot market, expecting new price rises. On the other hand, the slow pace of Brazilian exports and the progress of the harvesting in the US may restrict increases.
Purchasers, in turn, have been increasing the demand, but are facing high quotations. As a result, the pace of trades was slow in the domestic market in late September.
CROPS – Planting activities of summer crop have started to gain pace in major producing areas in Brazil, even with the weather adversities. Up to September 22, the planting had reached 16.2% of the area in Brazil – data from Conab.
EXPORTS – In the first 15 producing days of September, 4.69 million tons were shipped, lower than the 8.74 million tons verified in the entire same month last year (20 working days), according to data from Secex.
(Cepea-Brazil)
