Loading…
IBGE's May LSPA survey put Brazil's 2020 grain, legume and oilseed output at a record 245.9 million tonnes, up 1.8% from 2019. Soybeans were raised to about 119.4 million tonnes, though that is 1.4% below April's estimate because of drought in Rio Grande do Sul.
The survey also says the strong dollar is encouraging wheat planting.
A record Brazilian crop, especially soybeans, adds export supply and weighs on soybean and meal prices. A strong real favors farmer selling and planting of wheat and other crops.
agenciadenoticias.ibge.gov.brJun 9, 2020After 788 past bearish report events, SOY moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
After 1,102 past bearish report events, CORN moved a median -0.2% over 5 sessions (47% higher; middle half -1.8% to +1.3%), and +0.0% over 20.
After 406 past neutral report events, WHEAT moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), and +0.0% over 20.
After 21 past neutral report events, USDBRL moved a median +0.9% over 5 sessions (62% higher; middle half -0.4% to +1.8%), 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.
