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Deral raised its estimate for Parana's second corn crop to 16 million tonnes, a record that is about 180% above last season's drought- and frost-hit crop. Soybean output in the state is forecast at 12 million tonnes, down about 39% from the prior cycle due to drought.
Wheat planting was more than half complete.
The record corn crop adds to Brazilian export supply, which is bearish for corn. The sharp drop in soybean output tightens soybean and meal supply, which is bullish for those markets.
williams.com.brDjurdjica dos SantosJun 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.
After 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.
After 414 past bullish report events, Soybean Meal moved a median -0.1% over 5 sessions (48% higher; middle half -2.1% to +2.3%), and +0.3% 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.
