April 28, 2014
Corn quotes remain firm in most of Brazil
Corn prices continue firm in most Brazilian regions surveyed by Cepea (Center for Advanced Studies on Applied Economics), and decreases were observed only in some areas in mid-April.
In some places, where the first crop supply is smaller, producers were refrained. However, in others, such as in Minas Gerais and Goiás, the lower interest of purchasers due to recent price rises has been weakening quotes. As for weather conditions, most cornproducing regions registered rains, which brought relief for agents.
From March 31 to April 15, the ESALQ/BM&FBovespa Index for corn (Campinas-SP region; cash price, using the CDI discount rate) moved up 0.61% and closed at 31.53 reals or US$14.09 per 60-kilogramme bag on April 15. Considering the NPR discount rate, prices in Campinas-SP region (cash price) closed at 31.10 reals or US$13.90 per 60-kilogramme bag, for an increase of 0.45% in the same period.
Spot trades at the Paranaguá port (Paraná State) moved at a slow pace in mid-April, but for July, August and September, there were price indications between 29.00 and 29.50 reals per 60-kilogramme bag.
Rains were registered in most areas in Paraná State in mid-April. First and second crops are developing in a satisfactory way. In Mato Grosso do Sul State, crops are also at good conditions, according to Cepea information. In Mato Grosso, the volume of rains was small but the weather has been favourable for corn crops up until the middle of the month. Trades are slow in MS and MT.
São Paulo and in Minas Gerais State, sharply affected by the dry weather at the beginning of 2014, were also favoured by rains.
Brazilian players are also focused on the weather behaviour in the United States and its consequences for crops, which are starting to be planted.