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Commentary says Brazil is on track to surpass the U.S. as the largest corn exporter, with good rain forecast for the safrinha regions. IMEA estimates Mato Grosso's crop at 46.4 million tons versus Conab's 44.6 million.
The USDA April WASDE put Brazil's corn at 125 million tons, while some private estimates reach 131 million.
Larger Brazilian corn estimates and rising export competition weigh on global corn prices. Forecasts above USDA levels could push the market lower if they are confirmed.
farmprogress.comMatthew KruseApr 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.
Not enough comparable past events yet for a historical read.
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.
