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Brazil's IBGE estimates the second corn crop of 2019 at 68.2 million tonnes, up 22.6% from 2018 and a new record in the survey series, surpassing 67.6 million tonnes in 2017. The agency also raised its overall 2019 grain harvest estimate to 234.7 million tonnes, 3.6% above 2018.
A record Brazilian safrinha corn crop adds substantial export and domestic supply, which is bearish for corn and corn-based feed ingredients like DDGS. Larger Brazilian corn availability tends to weigh on international corn prices during the export season.
agenciadenoticias.ibge.gov.brJun 11, 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.
Not enough comparable past events yet for a historical read.
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.
