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Brazil's soybean estimate was cut 1.4 million tonnes to 152.4 million tonnes, mainly due to floods in Rio Grande do Sul. Drought is hurting the second corn crop, with Mato Grosso do Sul output down 19% and Paraná yields falling sharply.
Harvest was 28% complete, and below-average rainfall is forecast.
Smaller Brazilian soybean and safrinha corn crops tighten export supply and support prices for meal, oil and feed grains.
agriculture.comLuis VieiraJul 3, 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.
After 1,079 past bullish weather events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.0%), and +0.9% over 20.
After 453 past bullish weather events, Soybean Meal moved a median +0.5% over 5 sessions (55% higher; middle half -1.6% to +2.7%), and +0.5% over 20.
After 184 past bullish weather events, Soybean Oil moved a median +0.3% over 5 sessions (53% higher; middle half -1.9% to +2.4%), and -0.5% 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.
