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IBGE's July survey projects Brazil's 2019 grain harvest at a record 239.7 million tonnes, up 5.8% from last year. Corn is forecast at a record 98.8 million tonnes, up 21.4%, helped by timely safrinha planting and good rains.
Soybean output is estimated at 113.2 million tonnes, down 4%.
A record Brazilian corn crop adds export supply that weighs on world corn prices and competes with US sales. The lower soybean estimate is mildly supportive for soy prices.
agenciadenoticias.ibge.gov.brAug 8, 2019After 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 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% 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.
