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IBGE's September LSPA survey projects Brazil's 2024 grain, legume and oilseed harvest at 295.1 million tons, down 6.4% from 2023. Losses are concentrated in summer crops and the second crop due to dry spells in Mato Grosso do Sul, Mato Grosso, Goiás and Paraná.
Corn and milk show the main negative revisions.
A sharp Brazilian crop decline, especially corn, tightens domestic feed grain supply and supports corn, DDGS and soy meal prices.
agenciadenoticias.ibge.gov.brOct 15, 2024After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% over 20.
After 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
