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Brazilian corn prices reached new records as supply tightened, squeezing pork and chicken margins in the first quarter. Meat and bone meal prices remain supported by scarce cattle slaughter, and soymeal prices have eased from earlier highs but stay elevated.
Brazil's delayed safrinha corn harvest keeps domestic feed costs high until late July or August, and imports are uneconomic at the current exchange rate. Buyers should expect firm corn and protein costs through the period.
ukragroconsult.comMar 26, 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.
Not enough comparable past events yet for a historical read.
After 55 past neutral weather events, Soybean Meal moved a median -0.1% over 5 sessions (47% higher; middle half -1.7% to +1.5%), and +0.1% over 20.
After 156 past neutral events of any kind, Brazilian Real (BRL per USD) moved a median +0.3% over 5 sessions (56% higher; middle half -0.9% to +1.4%), and +0.4% 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.
