Corn on B3
The corn futures curve for one session, the carry from one expiry to the next, and what interest charges to carry it. Cash prices, local basis and export parity are not in yet.
Session
2026-10-09
the curve covers one session
Highest settlement
77.89
CCMX27 · R$/bag
Inverted legs
2 / 6
longer below shorter
PTAX sell rate
4.9892
Central bank, 2026-10-09
Futures curve
B3 settlement · R$ per 60 kg bagⓘ How to read the curve
- The settlement price is the reference B3 computes at the close, not the last trade.
- Sessions: how many B3 sessions are left until the contract settles.
- A hollow point on the chart: a settlement with no trades that day, set by B3.
- Open interest is the position at the previous session's close — that is how B3's settlement file publishes it.
- US$: the settlement divided by the same day's PTAX sell rate — without it, the column shows a dash. The contract is in reais; the conversion is for reading only.
- One session at a time: the per-contract history is not published here.
| Contract | Expiry | Sessions | Settlement | Day change | US$ | Trades | Open interest (prior day) |
|---|---|---|---|---|---|---|---|
| CCMX26 | 2026-11-16 | 24 | 68.71 | -0.80 | 13.77 | 6,803 | 51,141 |
| CCMF27 | 2027-01-15 | 63 | 72.92 | -0.97 | 14.62 | 4,717 | 32,617 |
| CCMH27 | 2027-03-15 | 102 | 76.54 | -0.88 | 15.34 | 1,735 | 19,618 |
| CCMK27 | 2027-05-17 | 145 | 75.18 | -1.07 | 15.07 | 575 | 5,232 |
| CCMN27 | 2027-07-15 | 187 | 74.84 | -1.09 | 15.00 | 583 | 12,002 |
| CCMU27 | 2027-09-15 | 230 | 75.20 | -0.91 | 15.07 | 529 | 32,939 |
| CCMX27highest | 2027-11-16 | 271 | 77.89 | -0.55 | 15.61 | 18 | 2,771 |
Carry to the next expiry
R$/bagHow much the market pays to carry a bag from one expiry to the next, and how much is left after interest. Type your monthly cost to see what remains.
| Leg (longer − shorter) | Sessions | Spread | Carry p.a. | Forward DI | Interest | Left over | Per month |
|---|---|---|---|---|---|---|---|
| CCMF27 − CCMX26 | 39 | +4.21 | +46.85% | 13.29% | 1.34 | +2.87 | +1.45 |
| CCMH27 − CCMF27 | 39 | +3.62 | +36.76% | 13.02% | 1.39 | +2.23 | +1.15 |
| CCMK27 − CCMH27inverted | 43 | -1.36 | -9.97% | 12.72% | 1.58 | -2.94 | -1.42 |
| CCMN27 − CCMK27inverted | 42 | -0.34 | -2.68% | 12.40% | 1.48 | -1.82 | -0.94 |
| CCMU27 − CCMN27 | 43 | +0.36 | +2.85% | 12.05% | 1.47 | -1.11 | -0.54 |
| CCMX27 − CCMU27 | 41 | +2.69 | +24.11% | 11.80% | 1.38 | +1.31 | +0.64 |
ⓘ How the numbers are built
- Spread: the longer expiry minus the shorter one, always in that order, in R$ per bag.
- Carry p.a.: (longer ÷ shorter) raised to 252 ÷ sessions in the leg, minus 1 — compounded, on the DI's 252-business-day base.
- Forward DI: the rate between the two expiries on the same session's DI1 curve, interpolated flat-forward.
- Interest: the shorter settlement times the DI rate over the leg — what money parked in the bag costs, in R$.
- Left over: spread minus interest; per month, divided by the calendar months in the leg. It is what remains for storage, insurance and shrink.
- Inverted: the longer expiry is cheaper than the shorter one. That is the new crop coming into the price, not a storage discount.
- Short leg decoupling: at 10 sessions or fewer from settlement, the correlation between legs drops, and the pair stops being a hedge.
- Sessions follow B3's calendar, closed on 24 and 31 December; the DI counts those days as business days — up to two days a year of difference in the interest period.
Not in yet: cash prices and local basis, export parity (Chicago, port premium and freight) and the curve's history. How every figure is built
Sources: B3 — daily settlement for corn (CCM) and DI1. Central bank — PTAX sell rate (series 1).