Corn reaches highest price since 2023 in Chicago.

THE corn The week ended with higher prices in Chicago and improved prices in Brazil. The first contract closed Thursday (27) at US$ 5.10 per bushel, after reaching US$ 5.14 in the previous session, the highest value recorded since July 2023. The worsening of crop conditions in the United States was one of the main factors supporting the market.

According to data released by the International Center for Economic Analysis and Agricultural Market Studies (CEEMA), the grain had ended the previous week at US$4.78 per bushel. The price surge occurred amid growing concerns about the weather and the productive potential of the North American crop.

The share of U.S. crops rated good to excellent fell to 57%, compared to 60% the previous week and 71% at the same time in 2025. Despite the decline in quality, the cycle remains advanced, with 86% of areas in the grain-filling stage, compared to an average of 82% for this time of year.

This scenario reinforced doubts about the final size of the production. The Crop Tour Pro Farmer estimated the North American harvest at 389.7 million tons, below the 406.8 million tons projected by the USDA in its August 12 report. Productivity was calculated at 10,871 kilograms per acre.

In the previous season, the United States produced 432.3 million tons, with an average yield of 11,706 kilograms per hectare. According to the figures presented in the report, current production could fall by 4.21 TP4T, while productivity is expected to drop by 7.11 TP4T.

The external price increase was reflected in the Brazilian market. At the end of August, the main markets in Rio Grande do Sul were trading around R$ 59 per sack. In the other monitored regions, prices ranged between R$ 46 and R$ 66, while Santos and Paranaguá presented a CIF reference of R$ 71 per sack.

At the same time, the harvesting of the second corn crop continues below the average pace. The harvest reached 84.41 TP4T of the national area, compared to an average of 87.51 TP4T, according to data from Pátria AgroNegócios cited by CEEMA. In the Center-South region, 921 TP4T of the crops had been harvested by August 20th, compared to 981 TP4T in the same period last year.

The export scenario, on the other hand, lost momentum. Anec reduced its expectation for corn shipments in August to 5.45 million tons, falling 1.9 million tons below the volume recorded in the same month of 2025. In the first 15 working days of the month, the daily average exported by Brazil was 29.8% lower than the average for August of last year, according to Secex figures presented in the survey.

Even with the reduction in shipped volume, the average export price increased. The price per ton rose from US$197.90 in August 2025 to US$217 in the accumulated total for this month, an increase of 9.6%. In the coming weeks, price behavior is expected to remain sensitive, mainly to the conditions of the North American harvest and the increase in supply in the Brazilian market.