Corn jumped more than 4% in Chicago after reports of US crop losses

Corn jumped more than 4% in Chicago after reports of US crop losses

Tuesday (23) ends with international corn futures prices representing major changes on the Chicago Board of Trade (CBOT).

The maturity of September/22 was set at $6.60, up 26.50 pips, December/22 was at $6.55, up 26.25 pips, March 23 was trading at $6, up $61, up by 25.25 pips and May 23 was at $6.62 USD with a gain of 23.75 pips.

These indicators represented increases, in relation to last Monday’s closing (22), by 4.27% for the month of September / September 22, 4.13% for the month of December / December 22, 3.93% for the month of March / March 23, and 3.76% for the month of May / May 23 .

US corn futures rose more than 4% to a 7-1/2-week high on Tuesday, after a report on crop conditions and a visit to the center’s key growing regions. – The West raises concerns that the volume of US production will fall less than expected.

“Corn leads this morning in the double whammy of an ugly start to the Pro Farmer Tour, followed by a surprising drop in valuations yesterday afternoon,” Matt Zeller, director of market intelligence at brokerage StoneX, said in a note to clients. .

Corn harvests in South Dakota were 118.45 bushels acre, the round’s worst since 2012, the Pro Farmer Midwest Crop Tour said Monday. The tour also found Ohio’s corn harvest forecast lower than last year.

The market focused on reports from Boy Scouts in the Western Midwest. “Harvest problems are thought to be the largest in that region, and reports so far are mostly poor,” said Tobin Gorey, director of agricultural strategy at the Commonwealth Bank of Australia.

In addition, the state of corn ratings fell last week, according to a report by the USDA (USDA) after the market closed on Monday, defying analysts’ expectations of no change as severe drought conditions continued to weigh. crops.

apprentice market

The Brazilian Bourse (B3) also saw a day of appreciation for corn futures prices, which fluctuated in the range between R$85.26 and R$94.30 this Tuesday.

The maturity date of September/22 was set at R$85.26, an increase of 0.84%, and November/22 was of R$87.94, an increase of 0.85%, and January 23 was traded at R$91, 42 with a rise of 1.12 % was for March / 23 value. R$94.30, an increase of 1.07%.

For Brandalizze Consulting market analyst Vlamir Brandalizze, big increases in Chicago helped offset the dollar’s declines against the riyal on Tuesday. “The dollar is going down, but corn is growing there more than twice the dollar is going down.”

Brandales highlights that today’s port market revolves in the range of R$89.00 to R$94.00, and has reached the R$90.00 to R$95.00 range. “Maybe the account will be closed with a higher number. Corn could approach R$100.00 in the next few days if this external condition is maintained,” he says.

In the Brazilian physical market, the price of corn saw an increase on Tuesday as well. The survey conducted by the Notícias Agrícolas team did not find depreciation in any of the markets. Ratings appeared in Ubiratã/PR, Castro/PR, Marechal Cândido Rondon/PR, Pato Branco/PR, Jataí/GO, Rio Verde/GO, Dourados/MS, São Gabriel do Oeste/MS, Eldorado/MS, Amambai/MS, Western Bahia and Machado / MG.

Check out how all the quotes were this Tuesday

According to the daily analysis by Agrifatto Consultoria, “With the increases in the local market being ‘off’ due to the offer, the bag is negotiated in Campinas / SP at an average of R$82.00”.

From SAFRAS & Mercado’s view, Tuesday’s Brazilian corn market was busy with business, as buyers and sellers note the weather scenario of North American grain crop losses. “With the rise in the CME, prices in Brazil may rise again, as producers begin to keep their intentions to sell grain again.”

According to SAFRAS & Mercado analyst Paolo Molinari, the producers’ selling movement is still slow, while grain continues to be in ports with high demand.

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