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Much of Brazil's center-south received below-average rain over the past 30 days, a critical period for the second corn crop, which makes up about three-quarters of the country's corn output. INTL FCStone cut its second-crop forecast 1.75% to 72.6 million tonnes because of the drought.
A smaller Brazilian safrinha crop tightens export supplies during the period when Brazil typically competes most with US corn, supporting corn prices.
reuters.comMay 5, 2020After 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.
