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AgRural cut its estimate of Brazil's second corn harvest to 51.6 million tonnes, almost 19 million below last season's 70.5 million. Drought and frost caused the lowest output in 10 years, and the harvest is running behind last year's pace.
Brazil supplies a large share of world corn exports, so a roughly 27% drop in its second crop cuts export availability and raises import needs, supporting corn prices.
zmp.deAug 3, 2021After 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.
