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USDA cut Brazil's 2023/24 soybean production by 1 million tonnes to 155 million tonnes, toward the high end of pre-report expectations, and left Argentina soybeans at 50 million tonnes. Brazil corn production was held at 124 million tonnes with exports at 52 million tonnes, and the U.S. corn farm price was lowered 5 cents.
A smaller Brazil soybean crop tightens export supplies and supports soybean meal, while unchanged Brazil corn output limits upside in feed grains.
dtnpf.comDTN StaffMar 8, 2024After 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.
After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
