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Conab forecasts Brazil's 2018/2019 grain harvest at 238.9 million tons, up 4.9% from the prior season, with planted area rising 1.9% to 62.9 million hectares. Soybean and corn area both increased, and a new grain import terminal at Panjin port in northeast China received its first soybean cargo from Brazil.
A larger Brazilian harvest with expanded soybean and corn area increases export supply, which is bearish for soybeans, soybean meal and corn. The new Chinese import terminal adds port capacity, modestly supporting Brazilian export flows to China.
agenciabrasil.ebc.com.brJun 11, 2019After 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
After 399 past bearish report events, Soybean Meal moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% 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.
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.
