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Patria AgroNegocios reports Brazil's 2023/24 safrinha corn was 87.3% harvested as of late July, well ahead of last year and the average. Mato Grosso was almost fully harvested and Paraná was 85% done.
Hot, dry weather allowed a record harvest pace.
A fast harvest brings corn to market early, adding near-term export supply and pressuring corn prices. The pace is largely a function of dry weather, which also cuts into yields.
ukragroconsult.comAug 8, 2024After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% over 20.
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.
