2023-05-22 18:22:09
Chicago continues to account for valuations
Corn futures prices lost strength this Monday (22) and began to operate in the negative field of the Brazilian Stock Exchange (B3). The main quotations retreated around 0.5% and fluctuated in the range between R$ 54.43 and R$ 61.44 at around 1:14 pm (Brasília time).
The July/23 maturity was quoted at BRL 54.43 with a drop of 0.24%, the September/23 was worth BRL 57.01 with a devaluation of 0.44%, the November/23 was traded for BRL 59, 10 with a loss of 0.32% and January/24 had a value of R$ 61.44 with a decrease of 0.13%.
Foreign Market
The Chicago Board of Trade (CBOT) maintained international corn futures prices operating in the positive field, with advances recorded around 1:05 pm (Brasília time).
The July/23 maturity was quoted at US$ 5.69 with an appreciation of 15.00 points, the September/23 was worth US$ 5.02 with an increase of 8.00 points, the December/23 was negotiated for US$ 5, 06 with a gain of 7.00 points and March/24 had a value of US$ 5.16 with an increase of 6.75 points.
“Corn and soybean prices reached oversold territory during last week’s sell-off phase, so a jump is not a surprise this morning,” Arlan Suderman, chief commodities economist at StoneX, said in a statement reported by the website. International Successful Farming.
On the other hand, Suderman points out that there may be little strength to keep these highs ahead. “Keep in mind that Midwest farmers are looking for a recovery that will allow them to recover sales. But it’s also important to remember that Brazilian farmers are on the verge of harvesting a big safrinha corn crop, and that crop is only 30% sold, below the normal pace at this point of 45% to 50% sold. This means they are looking for a rally to sell as well. It makes it harder to sustain a rally without a bigger story.”
Clique HEREjoin the WhatsApp group of Agricultural News and receive first hand the main agribusiness news
By:
Guilherme Dorigatti
Source:
Agricultural News
#Corn #loses #strength #retreats #Monday