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CONAB cut its June estimate for Brazil's second corn crop in 2020/21 to 69.66 million tonnes, down 12.4% from May. Corn exports were trimmed by 5.5 million tonnes to 29.5 million, and imports were raised to 2.3 million tonnes.
Russia's export tax for the week from June 16 was also set at $33.3 per tonne for wheat, $39.6 for barley and $48.2 for corn.
A smaller Brazilian safrinha crop and lower export availability tighten the corn export balance and support global corn prices. Russia's higher export taxes also limit Black Sea grain flows.
grainsprices.comGate.BGJun 12, 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.
