The new crop growth progress report of CONAB shows that as of February 21, the planting rate of corn in Brazil for the 25/26 season was 99.7%, the value announced last week was 98.9%, and the value for the same period last year was 99.6%. The harvest progress is 20.5%, last week's value was 14.9%, and the same period last year was 20.9%. The emergence rate is 0.9%, germination rate is 12.2%, flowering rate is 9.5%, filling rate is 33.2%, maturity rate is 23.7%, and harvest rate is 20.5%.

The report shows that the corn planting rate in Brazil for the year 25/26 was 99.7%, close to the same period last year's 99.6%, indicating a stable supply base; The harvest progress is 20.5%, a significant increase of 5.6 percentage points from last week's 14.9%, but slightly lower than the same period last year's 20.9%. Combined with a grouting rate of 33.2% and a maturity rate of 23.7%, it indicates an increase in short-term supply. This reinforces the expectation of sufficient supply in the global corn market, putting negative pressure on spot prices. In terms of futures, the settlement price of recent contracts (such as 2611) is 2,295 RMB/ton, a slight increase of 1 point, but the settlement price of far month contracts (such as 2701) is 2,285 RMB/ton, a decrease of 3 points, reflecting the market's concerns about the increase in medium and long-term supply. The report data may exacerbate the downward trend of futures prices, and it is recommended to pay attention to the negative impact of accelerated harvest progress.

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