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Conab cut its safrinha corn estimate, citing lower first-crop and second-crop acreage, with safrinha area projected down 7.6% to 1.31 million hectares. Farmers face low soybean yields, the lowest soybean prices in three years, and rising pest costs, and Aprosoja advised farmers not to sell grain or expand area.
Reduced safrinha acreage and farmer financial stress lower Brazilian corn supply and raise uncertainty over exports, supporting corn prices, though corn is already below production cost.
ukragroconsult.comFeb 16, 2024After 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 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.
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.
