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Embrapa expects Brazil to produce a record 100 million tonnes of corn this year, up 18% from last year. Exports are projected at 30 million tonnes, a 20% increase, which would make Brazil the third-largest corn exporter.
The growth is attributed to the shift to crop rotation and a larger share of safrinha corn.
Larger Brazilian exports add supply to world corn markets, which is bearish for corn prices and competes with US exports. Buyers should expect more cheap Brazilian corn for feed.
foodnavigator.comMary Ellen ShoupAug 1, 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.
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.
