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Brazilian farmers are concerned that falling corn prices and dry weather could make the 2022/23 safrinha crop unprofitable. In Candido Mota, southern Sao Paulo, corn is showing moisture stress after more than three weeks without rain, and cash prices have fallen to R$50 per sack.
In eastern Mato Grosso, prices are even lower at R$45.50 per sack and still falling.
Low prices and high production costs could reduce planting or input use in future crops, while dry weather threatens current yields. The net effect on near-term supply and prices is mixed.
ukragroconsult.comMay 23, 2023After 445 past neutral weather events, Corn moved a median +0.1% over 5 sessions (52% higher; middle half -1.4% to +1.6%), and +0.7% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
