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May corn futures have held near $8 per bushel, a level not seen since 2013. Dan Basse of AgResource cites three bullish factors, including a Brazilian safrinha crop cut by drought, with Brazilian colleagues forecasting about 104 million tonnes against USDA's 116 million.
A smaller Brazilian crop would force importers to source more corn elsewhere, supporting US and global corn prices and raising feed costs.
agweb.comMay 5, 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.
