Cepea, 04/11/2024 – The ESALQ/BM&FBovespa corn index (Campinas – SP) closed October at R$ 72,94/kg bag, accumulating a gain of 13,4% for the month and reaching its highest level since April 18, 2023. According to Cepea researchers, the upward move was underpinned by strong domestic demand and sellers' reluctance to sell throughout October. Buyers report difficulty securing new lots, citing low availability in the domestic spot market and high asking prices from producers. On the supply side, Cepea staff note that expectations of further price gains are keeping producers away from deals and focused on the progress of the current summer crop. The return of rains in the main growing regions favored planting of the summer crop, which, according to Cepea researchers, partly eases recent concerns about possible delays to the 2025 second crop. Source: Cepea (www.cepea.esalq.usp.br)