Corn prices should remain firm, according to consultancy Cogo – Inteligência em Agronegócio. The factors that support the outlook are: retracted supply, dollar at firm levels raising export parity in Brazilian ports, heated domestic consumption for the animal feed segment and greater movement of shipments abroad during the course of July. The Esalq / BM & F corn indicator, based in Campinas (SP), is quoted at R$ 49.78 per bag of 60 kilos, up 4.2% in the last 30 days and 36.4% in the last 12 months, but accumulates a decrease of 13.3% in relation to the peak of this year, registered in March 2020. In the first eight days July, Brazil exported 809,410 tons of corn, with a daily volume 132% higher than that shipped in June 2020. However, the average daily shipments in July is 101,176 tons, 60.7% below the same month in last year. In the accumulated result from January to June this year, shipments reached only 3.322 million tons, a significant drop of 70.8% in relation to the same period of the previous year (of 9.036 million tons). “The harvest of the second crop is at an accelerated pace in the Midwest region, but not enough to put pressure on values,” informs Cogo.
Source: Canal Rural