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Conab expects Brazil's second corn (safrinha) crop to reach a record for the 2021/22 season, about 45% above last season's drought-reduced crop. Planted area increased as farmers responded to higher corn prices, and harvest was 5% complete.
Dry weather in parts of the country remains a concern.
A record Brazilian safrinha harvest adds large export supply during the months when US corn exports are typically strongest, which is bearish for corn prices.
agweb.comSara SchaferJul 1, 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.
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.
