The progress of the corn harvest in the United States put pressure on futures prices on the Chicago Stock Exchange. Cereal contracts for July ended the session down 0.56% this Tuesday (4/30), at US$4.4675 a bushel.
The planting of American corn, referring to the 2024/25 cycle, continues at an accelerated pace. Until last Sunday, local producers had sown 27% of the area of 36.42 million hectares planned for the next season. A year earlier, the percentage reached 23%, while the average for the last five harvests is 22%, according to data from the country’s Department of Agriculture (USDA).
The continuation of sowing in the USA, combined with the expectation of rain forecast for producing areas in the coming days, adds more elements to a decline in stock market prices.
Wheat prices in Chicago appear to have exhausted the upward momentum seen last week, when adverse weather boosted prices. This Tuesday, cereal shares for July closed down 0.86%, to US$ 6.0325 a bushel.
The weather forecast for producing areas in the US has changed, with humidity expected in the coming days. In addition, there has been a stabilization in the quality of American winter crops.
According to data released by the USDA, 49% of crops are in good and excellent condition, one percentage point below last week’s index. Despite the reduction, the index is above that observed a year earlier, when 28% of the plants presented satisfactory conditions.
