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Conab's Agricultural Monitoring Bulletin says Brazilian crops developed similarly to or better than recent harvests in most regions despite water restrictions in some areas. Rains were heaviest in the North, South and eastern Northeast, while dry weather aided second-crop harvesting.
Frost in the South caused no significant damage to second-crop or winter crops.
Good development in Brazil's second-crop corn points to ample export supply, which weighs on corn prices. Soybean impact is limited because the main soy crop was already harvested.
revistacultivar.comJul 22, 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 563 past neutral report events, Soybeans moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% 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.
