Corn retreats on B3 and in Chicago

Corn closed lower on Monday, pressured by the temporary reduction of export taxes in Argentina and by the harvest in the United States. According to TF Agroeconômica, the Argentine measure, which suspends the collection of the 9.5% withholding tax on corn, increases the competitiveness of the neighboring cereal against the Brazilian product, including the possibility of lower prices in some states.

Corn closed lower on Monday, pressured by the temporary reduction of export taxes in Argentina and the harvest in the United States. According to TF Agroeconômica, the Argentine measure, which suspends the collection of 9.5% withholdings on corn, increases the competitiveness of the neighboring cereal against the Brazilian product, including the possibility of lower prices in some states. On B3, futures contracts ended in a widespread decline. The November/25 expiration closed at R$ 66.57/sack, a drop of R$ 0.77 on the day; January/26 ended at R$ 69.27/sack, a drop of R$ 0.77; and March/26 closed at R$ 72.40/sack, a decrease of R$ 0.79. In Chicago, the December contract fell 0.53%, quoted at US$ 421.75/bushel, while March declined 0.57%, to US$ 438.75/bushel. The pressure came from the American harvest, estimated at between 10% and 13% of the crop, and the increase in South American competition. In the Brazilian physical market, prices remain firm, according to a survey by Cepea. ...