The corn market in Brazil witnessed a decline in prices this week, primarily attributed to increased supply stabilization efforts by producers and improvements in weather conditions in regions facing forecast uncertainties. Despite positive developments in corn harvest progression, consumers anticipate a decrease in prices due to comfortable stock levels.

Impact of Supply and Climate Conditions

• Brazilian corn prices experienced a 1.55% decrease, with the average price per sack dropping to 55.99 R$ compared to the previous week's 56.88 R$.
• Regions such as the south of Mato Grosso do Sul and the north of Paraná, grappling with forecast uncertainties, observed improved weather conditions, contributing to downward pressure on prices.
• Consumer sentiment remains optimistic, expecting a decline in prices with the advancement of the corn harvest.

Export Scenario

• Brazil's participation in international markets during the first four months of the year appears relatively weak compared to previous periods, with the country losing ground to Argentina.
• The foreseeable future does not indicate any immediate changes in this situation.

International Outlook

The planting of North American crops progresses well, and favorable weather conditions continue to influence corn crop development, maintaining a negative scenario for prices on the Chicago Mercantile Exchange.

Domestic Price Trends

• Domestic corn prices in Brazil declined, with Cascavel, Paraná witnessing a 3.39% decrease to 57.00 R$, and Campinas/CIF dropping by 3.94% to 61.00 R$.
• Other regions like São Paulo's Mogiana, Rondonópolis in Mato Grosso, and Uberlândia in Minas Gerais experienced fluctuations in prices, with some areas noting minor increases.

Export Statistics

• Brazil's corn exports in April amounted to 14.007 million USD, averaging 933.9 thousand USD per day. The total quantity exported reached 34.235 million tons, averaging 2.282 million tons per day, with an average price of 409.20 USD per ton.
• Compared to April 2023, there was a significant decline in the average daily export value (88.5%) and quantity (91.3%), while the average price witnessed an increase of 31.5%.

The Brazilian corn market faces downward pressure on prices due to improved supply conditions and favorable weather, both domestically and internationally. However, export performance remains subdued compared to previous years, indicating challenges in global market competition.