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Conab cut its Brazil soybean output estimate 3.8% to 149.4 million tonnes and its corn estimate 3.3% to 113.6 million tonnes in its February monthly update. Both figures came in below January's forecasts, with corn under market expectations.
Total oilseed and grain output fell 2.2% to 299.7 million tonnes.
Smaller Brazilian soybean and corn supplies tighten export availability and support feed grain and meal prices, particularly since corn came in below trade expectations.
fastmarkets.comMarcela CaetanoFeb 9, 2024After 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.
After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% over 20.
After 414 past bullish report events, Soybean Meal moved a median -0.1% over 5 sessions (48% higher; middle half -2.1% to +2.3%), and +0.3% 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.
