Domestic market of corn in Brazil continues with rising prices

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     Porto Alegre, January 19, 2021 – Corn prices entered 2021 maintaining a bullish profile. In all regions of the country, prices rose again with signs of greater scarcity. This is a situation that may become worse in February and March with the peak of the soybean harvest and the concentration of internal logistics.

     Corn confirmed its trend and remains on the rise in all regions of the country. The highlight in the South Region is that over-the-counter prices have gone up again, the harvest in areas without 100% losses is underway, and offers do not emerge in the regional market. Prices from BRL 86 to 90 in Rio Grande do Sul, BRL 85/86 in Santa Catarina, and BRL 80/82 in Paraná.

     In the Southeast, the profile continues bullish, with prices in São Paulo at BRL 82/83 in the interior and BRL 86/87 CIF last week. In Minas Gerais, after hitting BRL 65/67 in December, prices jumped to BRL 80 last week. Most of these locations only start reaping in April and May, and the supply situation could be complicated in February and March.

In the Midwest, prices rose again in Goiás to BRL 75, in Mato Grosso do Sul to BRL 75, and in Mato Grosso from BRL 65 to 70. For the second crop, price levels rose due to the high on the CBOT, but growers still have little selling interest. In MT prices at BRL 50/52, Goiás BRL 60/58, Paraná BRL 62/63, and Mato Grosso do Sul BRL 55/58. 2020 exports are expected to close within expectations, between 34/34.50 million tons, without surprises.

     Agência SAFRAS Latam

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