Current cereal values have reached the lowest levels since October 2023
Agrolink – Seane Lennon
Published on 04/29/2024 at 12:11 pm.
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Corn prices continue to decline in the Brazilian market, according to the Center for Advanced Studies in Applied Economics (Cepea). This trend is driven by the cautious attitude of many buyers, the progress of the summer harvest and the good development of the second harvest in several regions of the country.
In several markets monitored by Cepea, current cereal values have reached the lowest levels since October 2023. Consumers, who report having stocks, opt for new purchases only when necessary.
On the sellers’ side, Cepea researchers note that, although many are more willing to make negotiations more flexible to guarantee cash flow, others prefer to stay away from the market, awaiting possible recoveries in the coming months. Their expectations are based on the recent appreciation of the dollar, which could increase the competitiveness of exports, and the prospect of a smaller second harvest.
The National Supply Company (Conab) indicates an 8% reduction in the planted area and an estimated production of 85.61 million tons, 16% below the previous season (2023/24).
