# Markets Forming A Base-Geo-Political & Weather Concerns. The Corn & Ethanol Report 02/02/2024 - Market InsightsMarket Insights

> World corn futures sat below spot and forward corn prices in Brazil for the first time since February 2022, while Chicago's premium to European spot corn narrowed to $0.53 per bushel. Traders are watching Brazilian weather in Mato Grosso and a possible Brazilian crop of 115 to 117 million tonnes.

- Date: 2024-02-02 · published 2024-02-02T12:00:00.000Z
- Category: market · region Brazil · magnitude low
- Page: https://feedsoft.ai/events/7204-markets-forming-a-base-geo-political-and-weather-concerns-the-corn-and-ethanol
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md)

## Why it matters

A Brazilian crop of that size would offset weaker European import demand, which limits upside for corn prices but leaves weather risk in Mato Grosso as a possible source of volatility.

## Read by commodity

- CORN: neutral

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| CORN | 2024-02-05 | 1 | -3.3% | -4.4 | Chicago futures falling below Brazilian spot and forward prices signals weak competitiveness and ample South American supply, adding bearish pressure ahead of the move. |

## Sources

- blog.pricegroup.com: https://blog.pricegroup.com/2024/02/02/markets-forming-a-base-geo-political-weather-concerns-the-corn-ethanol-report-02-02-2024/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.