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Conab lowered its 2023/24 Brazilian corn production estimate in its March crop report due to dryness concerns in south-central Brazil. Brazil's safrinha corn was 93% planted, with a heat dome forecast raising soil moisture worries.
Mato Grosso corn exports surged from July to February, and Argentine harvest lagged on wet weather.
A lower Brazilian safrinha estimate tightens export supply and supports corn prices, as strong Chinese and other demand draws on Brazilian and Argentine origins.
tridge.comNur HameedMar 30, 2024After 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.
Not enough comparable past events yet for a historical read.
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.
