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AgRural said Brazilian farmers had harvested 27% of their second corn crop through the previous Thursday, up 10 points week on week but behind the 41% pace of a year earlier. The consultancy raised its second-corn forecast by 5 million tons to 102.9 million tons on favorable weather.
A larger Brazilian safrinha crop, mostly exported in the second half of the year, adds to export supply and weighs on corn export prices. Frost risk in Parana and Mato Grosso do Sul is the main upside risk to that outlook.
ukragroconsult.comJul 11, 2023After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% 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.
