Harvesting progress keeps pressing quotations

Brazilian corn prices kept decreasing during the first fortnight of March. The ESALQ/BM&FBovespa Index (Campinas region of Sao Paulo state) dropped 3 percent in Real between February 27th and March 16th, closing at 20.58 reals or 9.04 dollars per bag of 60 kilos on Mar 16th. The pressure remained coming from harvesting activities, which are progressing especially in the Southern region of Brazil. Trades, in turn, moved at a slow pace.

According to Seab (Parana Agriculture Secretariat) data published on Mar 9th, 38 percent of the total summer corn crop were harvested in Paraná state. The production is forecasted at 6 million tons, a decrease of 38 percent compared to the previous year. For Rio Grande do Sul state, activities have reached 39 percent - Emater (Regional Agriculture Office). Concerning the production, the volume should reduce 18.1 percent.

According to Secex (Foreign Trade Secretariat), Brazilian corn exports totaled 750.8 million tons in February, down 43.5 percent from Jan/09, but 127.7 percent superior to Feb/08. In Argentina, the production should reduce 36 percent, due to the drought, totaling 14 million tons, against 20.5 million in 2008. (Cepea - Brazil)

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