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USDA's May WASDE lowered its Brazil corn and soybean production estimates for the 2023/24 crop, with Brazil soybeans cut 1 million tonnes to 154 million. The report also gave first 2024/25 US yield and production estimates, with corn yield at 181 bu/acre and soybeans at 52 bu/acre.
A smaller Brazilian crop tightens South American export supply, which supports corn and soybean prices and export demand for US product. The effect is limited because the cut is small and US supplies are ample.
agriculture.comCassidy WalterMay 10, 2024After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% 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.
