Harvesting delay and soybean price help to support the corn

Brazilian corn prices moved up during the second fortnight of February. Between Feb 18th and 29th, the ESALQ/BM&F Index (Campinas region) increased 3 percent in Real, closing at 28.43 reals or 16.81 dollars per bag of 60 kilos on Friday, Feb 29th. In the accumulated of February, the Index showed stability.

The support came from low stocks and the harvesting delay. The consecutives record of soybean quotations has also limited the volume available of corn, since growers turn their focus on soybean trades instead corn ones.

In the international market, prices also increased, basically due to the low stocks, the inferior planted area in the United States in 2008 and the higher demand from this country. At the Chicago Mercantile Exchange (CBOT), the contract March/08 increased more than 6 percent in the second fortnight of February and 9 percent in the month, closing at 214.95 dollars per ton this Friday. (Cepea - Brazil)

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