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Conab's first 2022/23 forecast projects Brazil's total grain output at 308 million tons, up 14%, with soybeans at 150.3 million tons (+21%) and corn at 125.5 million tons. Soybean exports are expected to rise 22% to 92 million tons.
A large Brazilian harvest and sharply higher soybean exports add export supply that is bearish for soybeans, corn and meal prices. Higher safrinha corn output reinforces the bearish corn outlook.
global-agriculture.comGlobaladminSep 1, 2022After 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 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 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.
