Agroconsult raised its forecast for Brazil's second corn crop to 89.3 million tonnes from 87.6 million in May, bringing total corn output to 114.8 million tonnes. It also lifted its Brazilian corn export estimate from 37 million to 43 million tonnes and raised its soybean crop forecast to 126.9 million tonnes.
Timely rain has eased drought in the country.
A larger Brazilian corn export supply offsets the disruption from Ukraine's shipping blockade, which weighs on corn prices. Higher Brazilian soybean output is also bearish for soybean prices.
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 788 past bearish report events, SOY 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.