Loading…
The Mato Grosso Institute of Agricultural Economics (IMEA) raised its 2023/24 corn forecast to 47.5 million tonnes from 47.3 million, on a yield increase to 114.04 bags per hectare. The state is now preparing for a record 2024/25 soybean crop, with planting starting next month.
A larger Mato Grosso corn crop adds to export supply and is mildly bearish for corn. A record expected soybean crop is a larger supply outlook for soymeal and soy prices.
czapp.comGeraldo IsoldiAug 13, 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.
After 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
After 399 past bearish report events, Soybean Meal moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% 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.
