Corn/CEPEA: Harvest Commencement in MT and PR Puts Pressure on Prices

According to the latest report from the University of São Paulo's research center (CEPEA), corn prices have once again retreated across most regions in Brazil, primarily influenced by the absence of buyers in the spot market. With the commencement of the 2025/26 second crop harvest, market participants anticipate a significant increase in supply over the coming weeks, which is consequently exerting downward pressure on prices. CEPEA indicates that the harvest, still in its early stages, is currently concentrated in the states of Paraná and Mato Grosso. Notably, current price levels are lower compared to the beginning of the 2024/25 season. For instance, in the Sorriso region of Mato Grosso and Northern Paraná, the partial average prices for May (up to the 28th) were nominally 11% and 8% lower, respectively, than those recorded in May 2025. CEPEA researchers suggest that within this market context, as more producing regions gradually enter their harvest periods, corn prices are expected to continue to be affected by the increasing supply in the foreseeable future.