Product specification: Brazilian yellow corn in bulk, with regular odor and appearance, kept under good storage conditions, free from castor-oil seed, other bad seeds, and live bugs; hard or semi-hard from the latest crop, under adequate market condition and suitable for animal feed; with (a) maximum 14% moisture; (b) foreign matter basis 1% in the sieve; (c) maximum 6% heat-damaged or sprouted kernels and free of moldy kernels; (d) maximum 12% broken, split or hollow kernels;
Unit of measurement/Currency: 60-kilo bag. The Index is originally calculated in BRL (Real), but it is also released in US dollar. It is a simple conversion of the value in Real to dollars – commercial exchange rate, asking price at 4:30 p.m. (Brasilia time);
Delivery: values refer to trades in the wholesale market (between companies), regarding grains delivered at warehouses in Campinas region;
Reference region: purchases and sales in Campinas region, São Paulo State, and sales from other regions to Campinas, for the ESALQ/BM&FBOVESPA Index for corn (for further information, click here to access the full methodology - in Portuguese);
Discount rate: The ESALQ/BM&FBOVESPA Index for corn considers the CDI (Interbank Deposit Certificate) rate to convert term prices into cash prices;
Taxes: no ICMS (tax) included; 
Calculation: arithmetic average of cash prices;
Statistical treatment: The daily sample is subjected to two statistical procedures: standard deviation (values between the intervals of two standard deviations up and down in relation to the sample average are accepted) and analysis of the variation coefficient;
Frequency: daily;
Historic: since August 2004;
Agents consulted for the survey: sellers (cooperatives/companies), purchasers (food industry, poultry and swine industries, feed industry and stockbrokers);
Other Cepea surveys for the corn market: Besides Campinas (SP), there are surveys of corn quotes in 13 states (SP, GO, MG, BA, MS, MT, PR, RS, SC, CE, PE, RO and DF) – both over-the-counter market (prices paid to growers) and in the wholesale market in most important producing and consuming areas in Brazil. 


Source: Cepea




Geraldo Sant’ana de Camargo Barros, Ph.D
Full professor of the Department of Economics, Management and Sociology

Chief Researcher
Lucilio Rogerio Aparecido Alves, Dr

Research Assistants

André Sanches
Débora Kelen Pereira da Silva
Carolina Sales
Raphaela Spolidoro
Kaline Lacerda
Liziane Dias

Natália Guimarães Ribeiro