Basis keep the upward trend in Brazil

In June, Brazilian corn prices increased in the domestic and international markets. The support came from the rainy weather in the United States and from the reduction of almost 20 percent in the production of Paraná state, due to the frosts.

At the Chicago Mercantile Exchange (CBOT), the contracts July/08 increased 21 percent in the accumulated of the month, at 7.247 dollars per bushel on June 30th.

In Brazil, trades moved at a slow pace. Most part of sellers retreated, betting on new raises. Between May 30th and Jun 30th, the ESALQ/BM&F Index (Campinas region) increased 12.5 percent in Real, closing at 29.00 reals or 18.16 dollars per bag of 60 kilos on Jun 30th.

According to the Seab (Parana Agriculture Secretariat), the decrease in the winter corn crop reached 1.3 million tons. This volume represents 19.24 percent of the production expected for the Paraná state initially (6.8 million tons) and 7 percent of the Brazilian winter corn crop forecasted by the Conab (18.5 million tons). (Cepea - Brazil)

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