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CONAB cut its Brazilian total corn estimate to 93.39 million tonnes, down 9% from last year, with safrinha output lowered to 66.97 million tonnes due to drought and frost. Soybean estimates were nudged up to 135.91 million tonnes, and analysts expected USDA to trim its Brazil corn forecast next week.
A materially smaller Brazilian corn crop reduces export availability and supports global corn prices, while the soybean revision is minor.
profarmer.comMeghan VickJul 8, 2021After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% over 20.
After 563 past neutral report events, Soybeans moved a median -0.1% over 5 sessions (48% higher; middle half -1.7% to +1.6%), and -0.1% 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.
