Corn futures prices continue to register positive movements on the Brazilian Stock Exchange (B3) throughout this Wednesday (29). The main quotations fluctuated in the range between R$ 71.10 and R$ 75.19 at around 1:42 pm (Brasília time).

The March/25 maturity was quoted at R$ 75.19 with an increase of 0.45%, May/25 was worth R$ 75.08 with an increase of 0.60% and July/25 was worth R$ 71.10 with a gain of 0.35%.

Foreign Market

On the Chicago Stock Exchange (CBOT), Wednesday also continues to be positive for international corn futures prices, which increased their advances at around 1:32 pm (Brasília time). The March/25 contract was quoted at US$ 4.97, up 12.25 points, the May/25 contract was worth US$ 5.08, up 12.00 points, the July/25 contract was traded at US$ 5.09, up 11.00 points, and the September/25 contract was worth US$ 4.70, up 7.25 points.

According to information from the international website Farm Futures, speculators have already started the day optimistic and eyeing the psychologically important US$ 5.00 level, since the strength of the market in the last two sessions suggested that they could make another effort this week.

“Traders continue to follow the weather patterns in South America. Forecast models for February indicate that dry weather will continue in much of Argentina, while Brazil will face wet conditions. In Argentina, an outlook for cool but dry conditions in February suggests considerable downside risks to crops due to drought,” says Bruce Blythe, analyst at Farm Futures.

Source: Notícias Agrícolas