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: for the ESALQ/BM&FBOVESPA Index, the reference region is Campinas (SP). The price for Campinas refers to purchases or sales for the product from other areas in Brazil delivered in: Campinas, Valinhos, Morungaba, Amparo, Pedreira, Jaguariúna, Santo Antonio de Posse, Mogi-Mirim, Engenheiro Coelho, Arthur Nogueira, Holambra, Cosmópolis, Paulínia, Nova Odessa, Sumaré, Hortolândia, Americana, Santa Bárbara D’Oeste, Limeira, Cordeirópolis, Iracemápolis, Piracicaba, Saltinho, Rio das Pedras, Mombuca, Capivari, Monte Mor, Laranjal Paulista, Jumirim, Cerquilho, Tietê, Rafard, Boituva, Porto Feliz, Elias Fausto, Indaiatuba, Salto, Itu, Itupeva, Cabreúva, Jundiaí, Louveira, Itatiba and Vinhedo;
Discount rate: Campinas average prices use the NPR (Rural Promissory Note) rate;
Taxes considered:

No ICMS (tax) included. Sales from other regions/states to Campinas (SP) are also considered (without ICMS). As a result, the average price in the spot market in Campinas, likewise the Index, represents values of trades in São Paulo State, ICMS deferred, and from other states that sell to Campinas region, disregarding ICMS. In this last case, the negotiation may have ICMS of 12% when the purchaser is the food industry and/or the petfood sector, or 8.4% if it is the industry of animal feeding, but the tax will be discounted for both the average and the Index. Therefore, the average in the spot market, as well as the Index, is an arithmetic average of all values collected in each trading day.

Calculation: arithmetic average of cash prices;
Statistical treatment:

Regional averages are calculated based on data from the sample that are between the intervals of two standard deviations up and down in relation to the sample average;

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