Producers of winter corn in Brazil need to renegotiate their advance sold quantities which limits the export amount expected. Dry weather had led to serious declines in yield.
The winter harvest of corn starts in Brazil in the coming weeks. In the States of Mato Grosso and Goiás, which contribute almost half of the Brazilian harvest, the largest loss of earnings had occurred. But the other provinces will reap less than expected, say the agricultural Advisor of the South American country. That's why the course of Maisfutures continued to today on the futures market in Chicago.
Because the buyers are usually large international trading houses, the suppliers put on the black list, that do not meet their contracts, one assumes that most farmers will attempt to provide the amounts of vorverkauften. Otherwise, it agrees on compensation payments and penalty fees. If it goes well for the farmers, they must provide the amounts with the next harvest.
Taking into account losses, the quantity sold in advance should now correspond to 80% of the total of harvest. Before the speech was 63%.
