Restrict supply concerns buyers

Brazilian corn prices moved up expressively in November. The support came from the restrict supply, which was reinforced by the low volume of the product in stock. This scenario has been concerning buyers that do not expect lower quotations in a short time. In this context, sellers kept restricting the supply, betting on higher prices until, at least, the next crop beginning.

The ESALQ/BM&F Index (Campinas region) increased 19 percent in Real from Oct 31st to Nov 30th, closing at 34.51 reals or 19.25 dollars per bag of 60 kilos on Nov 30th. The product delivered in the Paranagua port raised 15.14 percent in Real. At the Chicago Mercantile Exchange, prices also kept firm, and the Real devaluated 3.3 percent in relation to the dollar.

Regarding the planting in the Rio Grande do Sul state, activities have already reached more than 80 percent of the total area - Emater (Regional Agriculture Office). In Parana state, 98.4 percent of the total area was already cultivated until Nov 26th, according to the Seab (Parana Agriculture Secretariat). In both states, the planting is moving at a better pace compared to the previous year.

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