Corn and Soybean Prices in Mato Grosso Increased Last Week
Spot corn prices in Mato Grosso, Brazil, rose 3% last week to R$71.26 per sack (approximately $5.68 per bushel), driven by tight supplies due to increased ethanol production demand. In Campinas, São Paulo, prices increased 0.9% to R$90.20 per sack (about $7.19 per bushel). There are rumors that Brazil might import corn from the U.S. and Argentina before the safrinha harvest begins in June.
US: Spot corn prices in Mato Grosso increased 3% last week to R$ 71.26 per sack or approximately $5.68 per bushel according to the Mato Grosso Institute of Agricultural Economics (Imea). Corn supplies are very tight due to increased demand for ethanol production.
In the city of Campinas, Sao Paulo, corn prices increased 0.9% last week to R$ 90.20 per sack or approximately $7.19 per bushel. There are even rumors that Brazil might import corn from the United States and Argentina before the safrinha corn hits the market starting in June.
Imea also reported that the safrinha corn planting increased 0.46% to 99.9% complete.
Spot soybean prices in Mato Grosso increased 0.2% last week to R$ 107.71 per sack or approximately $8.60 per bushel. In the city of Campinas, Sao Paulo, soybean prices increased 0.7% last week to R$ 133.25 per sack or approximately $10.62 per bushel.
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Source : Krishak Jagat
