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A poll of 13 analysts pegged Brazil's 2020/21 soybean crop at 132.2 million tonnes, up from December, and USDA forecasts 133 million tonnes. Mato Grosso yields are expected to be lower, offset by improved outlooks elsewhere, and heavy rain and flooding in Parana and Rio Grande do Sul raise concerns.
A record Brazilian crop eases global soybean supply concerns, which is bearish for soybean and meal prices, though delayed harvest and corn spillover partly offset this.
farmonline.com.auGrain Brokers AustraliaFeb 3, 2021After 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
After 399 past bearish report events, Soybean Meal moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% over 20.
After 770 past neutral report events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.1% to +1.6%), and +0.7% 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.
