Index raises more than 23 pct in the month

In August, Brazilian corn prices upped expressively, supported by increasing exports, the government interventions and, consequently, by sellers' retreat. The product delivered in the Paranagua port valuated 17.21 percent from July 31st and August 31st, reaching 24.04 reals or 12.27 dollars per bag of 60 kilos on Friday, Aug 31st. This is the highest level, in nominal terms, since May 2004. The ESALQ/BM&F Index (Campinas region) increased 23.07 percent, closing at 23.88 reals or 12.17 dollars per bag of 60 kilos.

Growers are betting on new increases, due to the uncertain North-American crop production. Moreover, the volume of the grain available at this moment in growers' hands is lower, especially that related to the summer crop. Exports also contribute to reduce the domestic supply.

It is also important to consider that in the second semester period, corn prices usually move up. The uncertainness scenario about the North Hemisphere, the higher demand caused by the lower wheat crop production in Europe and also the potential demand by the Brazilian corn have limited the supply during this month of August.

In the state of Parana, until Aug 27th, winter corn crop harvest activities have reached 89 percent of the cultivated area - according to the Seab (Parana Agriculture Secretariat). However, the commercialization until the same period represented only 40 percent of the total supply. Regarding the corn harvested in the summer crop, the commercialization reaches 89 percent of the total.

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