Corn futures contracts in Chicago rose on Tuesday, 11, on concerns related to the climate in South America. The move took place before the United States government’s crop reports, scheduled for this Wednesday.
On the Chicago Stock Exchange, corn for March closed up 1.25 cents at $6.01 a bushel and remained within Monday’s range.
The US Department of Agriculture will release a monthly supply and demand report on Wednesday, along with quarterly US grain inventories.
In Brazil, the National Supply Company (Conab) reduced its forecast for the 2021/22 corn crop to 112.9 million tons, versus 117.2 million in the previous forecast. If the estimate is confirmed, the harvest would grow 29.7% compared to the 2020/21 cycle.
On the Brazilian stock exchange B3, the corn contract maturing in January rose 0.69%, or BRL 0.65, ending the day at BRL 94.95 per 60 kg bag. On the other hand, March had a drop of 0.46%, being negotiated at R$ 97.70 per bag, and the other maturities also recorded declines.
Source: NovaCana