Since August this year, Brazilian corn prices have been moving up, reaching the highest levels of almost five years (since Jan/03) at the end of October. In January 2003, one of the main reasons for the corn valuation was the exchange rate, which averaged 3.00 reals per dollar. In this year, domestic prices get values of 2003 with an exchange rate at around 1.80 reals per dollar.
The ESALQ/BM&F Index (Campinas region) upped 6.63 percent in Real in the accumulated of October, closing at 29.13 reals or 16.78 dollars per bag of 60 kilos on Wednesday, Oct 31st.
The monthly corn price received by growers, from March to October this year, increased 27.7 percent. In trade between companies, the valuation was of 31 percent in the same period. Trades moved at a slow pace at the end of this month. Growers have been waiting for a typical better demand of the period between September and November.