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USDA forecasts a record Brazilian corn crop of 116 million tonnes for 2021/22, but drought is emerging across the safrinha belt after an early end to the South American monsoon linked to La Nina. Mato Grosso is facing its driest April in 17 years, with rainfall expected 70% below average.
Limited safrinha yield potential could reduce Brazil's export supply and support corn prices despite the large USDA estimate.
agweb.comAgWebMay 1, 2022After 1,465 past bullish weather events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), 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.
