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IBGE's September estimate puts Brazil's 2022 harvest of cereals, legumes and oilseeds at a record 261.9 million tonnes, up 3.4% from 2021. Soybeans are estimated at 119.5 million tonnes and corn at 109.6 million tonnes.
A large official Brazilian crop estimate signals ample feed grain and oilseed supplies, which is bearish for corn and soybean prices.
agenciadenoticias.ibge.gov.brOct 6, 2022After 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.
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.
