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Mosaic expects Brazil's second corn crop, known as safrinha, to fall 12% or 12.7 million metric tons from last year. That drop exceeds the Brazilian government's estimate of an 11.1 million ton decline.
Drought is also dampening farmers' corn-planting plans.
A smaller safrinha crop tightens export supply and supports corn prices. Slower fertilizer buying by Brazilian farmers signals reduced input demand.
reuters.comRod Nickel, Ana Mano, Sourasis BoseDec 18, 2023After 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.
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.
