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Brazil's government agency Conab raised its second-corn production estimate to 98 million tons from 96.3 million in June. It also put the national soybean crop at a record 154.5 million tons and total corn output near 128 million tons.
A record Brazilian soybean and corn outlook increases export availability in the second half of the year, which is bearish for global corn and soybean prices and for meal values.
ukragroconsult.comJul 14, 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.
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.
After 399 past bearish report events, Soybean Meal moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% 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.
