The São Paulo Commodities Exchange (B3) has mixed prices at closings for corn, while the National Supply Company (Conab) indicates the end of safrinha planting, according to information released by TF Agroeconomic. “Without relevant news, and in the face of a lower dollar – R$ 5.13 on sale, with a drop of -0.74%; traders were keeping an eye on the development conditions of the off-season, where according to meteorologists, another heat wave could be approaching, in which rainfall is expected to decrease until May 2nd”, he comments.
“Also today, Conab pointed out the end of off-season planting, in which, according to the company, crops are divided between 0.3% in emergence, 24.2% in vegetative development, 43.2% in flowering, 32 .1% in grain filling and 0.2% already in maturation”, adds the consultancy.
Given this situation, future prices closed in a mixed field. “The maturity date for May/24 was R$57.66, showing a low of R$0.12 on the day, a low of R$1.18 for the week; July/24 closed at R$57.67, down R$0.02 on the day, down R$1.23 on the week; the September/24 maturity closed at R$ 59.02, down R$ 0.13 on the day and down R$ 1.11 in the week”, he indicates.
On the Chicago Stock Exchange, soybeans closed mixed, with Investment Funds repurchasing in the short/medium term. “The price for May24, a reference for our summer harvest, closed up 0.74% or $3.25 cents/bushel at $443.00. The price for July24 closed up 0.61% or $2.75 cents/bushel at $452.50”, he informs.
“Investment Funds are still covering short-term short positions. The appetite for shorter contracts comes from the good volumes exported by the USA, greater domestic consumption, the reduction in the Argentine harvest and the delay in planting in Ukraine. This last point is the new factor in the equation”, he concludes.
