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Soil moisture in most of Brazil's safrinha corn areas was still 30-50% below normal in early April after the wet season ended early. Rain in Mato Grosso through Rio Grande do Sul exceeded 100 mm in some spots, while Sao Paulo and Minas Gerais stayed dry.
Below-normal subsoil moisture raises the risk of yield losses in the second-crop corn that supplies much of Brazil's late-year exports, supporting corn and DDGS prices.
dtnpf.comJohn BaranickApr 18, 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.
