Management Report 2020
Management Report 2020
SLC Agrícola
Corn
Figure 16
US Cents/bu
750
700
650
600
550
500
450
Corn prices in international market and Brazil
400
три
350
300
Jan-19
Apr-19
Corn CBOT
Corn - B3
Jul-19 Oct-19 Jan -20 Apr-20 Jul-20 Oct-20 Jan-21
Source: Bloomberg
Corn spot prices quoted on the CBOT registered significant volatility over 2020, during
which, after a downward cycle during April, prices followed a solid path of recovery
and appreciation in both in the international (Chi-
cago) and domestic (B3) markets. The period of the
sharpest increases in corn prices was the last quar-
ter of the year.
In July, August and September, prices on the U.S.
exchange showed signs of recovery after the corn
planted area in the country was affected by ad-
verse weather conditions. Later, in the last quarter
of the year, the scenario of firm demand, mainly
due to record corn shipments by the U.S. to China,
continued to provide support for corn prices in Chi-
cago. In Brazil, the market also remained strong
over the entire year due to demand from the ani-
mal protein industry and from export markets.
Corn production regions in the Brazilian South and
Argentina faced adverse weather conditions for the
development of first-crop corn, with production
data still to confirm the volumes produced. Accord-
ingly, local supply and demand dynamics, com-
bined with the conditions marked by uncertainty in
the United States, set the tone for prices in the do-
mestic market.
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