Expectation of lower productivity boosts values

Brazilian corn prices have been keeping firm, supported by growers' retreat. They bet on higher values due to possibility of losses in the winter corn crop, especially in Paraná state, which represents around 46 percent of the Brazilian winter corn crop.

According to the Paraná Agriculture Secretariat (Seab), on June 11th, 12 percent of the winter corn crop area was in bad conditions against 6 percent published on the report of May 28th; the good conditions dropped from 74 percent to 64 percent.

Until this moment, the National Company for Food Supply (Conab) forecasts the Brazilian winter corn crop at 13.93 million tons.

The ESALQ/BM&F Index (Campinas region) closed at 19.86 reals or 10.38 dollars per bag on Friday, Jun 15th, up 1 percent in Real and 1.66 percent in dollar over May 31st.

Regarding exports, in May, Brazil exported 669.32 thousand tons of corn, increasing 13 percent over the volume of April and 125.65 percent higher than May/06 - according to the Foreign Trade Secretariat (Secex - Brazilian government). In the accumulated of the year, corn exports totaled 2.38 million tons, volume 176 percent superior to the same period of the last year.

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