Decreasing basis prevail in the market

Frosts that affect some areas of the Southern region of Brazil in June did not change the perspective of a Brazilian record corn production. Harvesting activities are moving on a positive pace. This aspect, plus the buyers' retreat, the lower exports and the decreasing international prices, kept domestic values dropping in July.

From June 30th to July 31st, the ESALQ/BM&F Index (Campinas - SP region) downed 11.5 percent in Real, closing at 25.67 reals or 16.43 dollars per bag of 60 kilos on Thursday, Jul 31st.

In the international market, the pressure came from the good weather conditions in the United States and from the decreasing in petroleum values. At the Chicago Mercantile Exchange (CBOT), the contract September/08 closed at 5.88 dollars per bushel on Jul 31st, down 18.9 percent in Real over June 30th. (Cepea - Brazil)

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