Prices rise more than 8% in October

Cepea, November 4, 2019 – The Brazilian and international demands for corn were firm in October, pushing up quotes in the domestic market. Between September 30 and October 31, the ESALQ/BM&FBovespa Index for corn increased 8.4%, closing at 41.97 BRL (10.46 USD) per 60-kilo bag on October 31. However, the upward trend of prices lost strength in late October, due to purchasers’ pressure added to sellers’ willingness to lower asking prices – in order to close new deals.

 

In general, the upward trend of quotes was observed in almost all Brazilian regions surveyed by Cepea, mainly in typical corn-consuming areas, such as São Paulo and Santa Catarina States. However, the trading pace was constrained by the retraction of sellers, who were focused on the weather and its possible effects on crops.

 

As regards corn exports, shipments pace was fast in October, due to the recent corn valuations in the international market, which helped to push up prices in Brazil.

 

FIELD – Rains in late October favored fieldwork, but growers were still concerned about crops. In Paraná, corn sowing was ending. According to a report from Seab/Deral, 92% of the total state area allocated to corn had been sown until October 28. Of the crops already sown, 86% are in good conditions, 11%, in average conditions, and only 1%, in bad conditions.

 

In Rio Grande do Sul, corn crops are developing well – rains added to mild temperatures during the night were favoring crops in late October, according to Emater. Corn sowing has reached 72% of the total area forecast (Emater/RS).

 

(Cepea-Brazil)

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