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Despite valuations late in the month, prices in September

 

Cepea, October 4, 2021 – Although a decrease in corn supply has been confirmed in Brazil, due to bad weather conditions, and inventories are low, corn prices dropped in September in many Brazilian regions surveyed by Cepea.

 

Pressure came largely from disinterested purchasers, but also from the progress of the second crop harvesting, lower exports and sowing of the 2021/22 summer crop. In this scenario, many purchasers bought batches sporadically, while sellers were more flexible regarding asking prices, majorly those who needed cash flow to pay debts. In São Paulo, the downward trend of prices was worsened by the increase in the corn supply coming from central-western Brazil and the higher availability of trucks.

 

Late in the month, sellers left the market, expecting better sales opportunities in the coming weeks. On the other hand, demand increased slightly. Thus, prices increased from Sept. 27 to the 30th.

 

Between August 30 and September 30, the ESALQ/BM&FBovespa Index for corn (Campinas, SP) dropped by 3.1%, closing at 91.83 BRL (16.89 USD)/kg on Sept. 30. The monthly average closed at 92.44 BRL/bag, 6% down from that in August.

 

On the average of the regions, the prices paid to corn farmers (over-the-counter market) decreased by 3.9% in September. In the wholesale market (deals between processors), values dropped by 4% in the month.

 

CROPS – Brazilian corn farmers have been focused on sowing the first crop according to rainfall. In Paraná, the sowing pace remained stable in the second fortnight of the month, having reached, until the end of September, 45% of the area, according to data from Seab/Deral. The harvesting of the second crop ended on Sept. 27.

 

In Rio Grande do Sul, according to Emater/RS, the sowing pace for corn was currently fast last month. With low rainfall in the state, activities advanced in several areas. Until the end of September, crops were developing well.

 

(Cepea-Brazil)

 

 

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