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Safras & Mercado cut its Brazilian safrinha corn forecast by 27% from January, to 2,425 million bushels, after drought in south-central Brazil and frosts on June 29 and 30. The average cash price in May reached a record in real terms, the highest since 2004.
Lower safrinha output and record Brazilian cash prices reduce the export supply available to global feed buyers and support corn prices.
farmdocdaily.illinois.eduHongxia JiaoJun 30, 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.
