Domestic market does not follow CBOT drop

Brazilian corn prices did not follow decreases at the Chicago Mercantile Exchange (CBOT) in July. The ESALQ/BM&F Index (Campinas region) closed at 19.41 reals or 10.31 dollars per bag of 60 kilos on Tuesday, July 31st, up 2.07 percent in Real and 4.7 percent in dollar over June 29th.

In regions where the winter corn crop moves on, prices decreased a little. On the other hand, in important consumption areas, values upped, also supported by the lower supply. Players have been waiting for the winter corn crop finishing and for a better international scenario to get a position for the second semester this year.

Since July 20th of this year, corn price has kept below to 3.20 dollar per bushel at the Chicago Mercantile Exchange (CBOT), the lowest value since June/04. The downward is related to the good weather conditions in the United States (rains and lower temperatures). It is also important to consider that this crop production is so much superior to the previous ones, due to the larger planted area and the higher productivity.

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