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USDA's projection for the full 2023-24 Brazilian corn harvest sits well above Conab's estimate of 112.75 million tons. The gap of about 10% is the largest for March in at least eight years.
The report notes that USDA was 8% above Conab in March 2018.
A wide gap between agency estimates signals uncertainty over Brazil's corn supply, which can cap or shift export pricing expectations. The larger USDA figure implies more exportable supply than Conab sees.
reuters.comKaren BraunMar 13, 2024After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
