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CONAB estimates Brazil's 2023/24 safrinha corn crop will fall 11.8% to 90.28 million tonnes, with productivity down 7.2%. Mato Grosso do Sul, São Paulo and Paraná saw sharp losses after prolonged drought during the grain-filling stage.
A roughly 12% drop in Brazil's main corn crop tightens export supplies and supports corn and corn-based feed prices. Brazil's safrinha is the majority of its corn, so the shortfall matters for global feed buyers.
valorinternational.globo.comPaulo Santos, Cibelle BouçasAug 23, 2024After 1,465 past bullish weather events, CORN moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% 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.
