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farmdoc daily reports that CONAB's first projection for Brazil's 2021-22 harvest is a record 289.6 million tons of grains, with soybean acreage expected at about 99 million acres and corn at about 51 million acres. The forecast is based on high prices, a weaker real and expected export growth.
A record Brazilian crop expansion signals larger export supplies of soybeans and corn later in the year, which is bearish for world prices and feed costs.
farmdocdaily.illinois.eduHongxia JiaoSep 22, 2021After 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
After 1,102 past bearish report events, Corn moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% over 20.
After 399 past bearish report events, Soybean Meal moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% 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.
