Brazil corn market sees cautious trading and steady harvest

The Brazilian corn market is experiencing sporadic trading characterized by cautious buyers and selective sellers. In Rio Grande do Sul, prices have seen a slight weekly increase, with the state average rising to R$ 59.32 per bag. While industrial demand is driving replenishment purchases, producers are limiting supply in anticipation of better market conditions.

In Paraná, prices remain near R$ 60 per bag, while in Mato Grosso do Sul, rates vary between R$ 50 and R$ 55. The bioenergy industry is helping to absorb supply and support prices in that region. Harvest progress is significant, reaching 73% in Rio Grande do Sul and 80% in Mato Grosso do Sul, though storage limitations have caused work stoppages in parts of the latter state.

Overall, international price appreciation and reduced selling interest are providing support to local quotes, despite the high supply resulting from the second harvest.