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Brazil's agriculture ministry agency Conab raised its corn crop estimate to 92.8 million tons, including a second crop of 66.6 million, while cutting its soybean estimate to 113.5 million tons on weather damage. Eighty percent of the second corn crop was planted and over half the soybean harvest was complete.
Bigger Brazilian corn supplies and a smaller soybean crop shift export competition toward corn, weighing on US corn and modestly supporting soybeans on tighter Brazilian supply.
brownfieldagnews.comMar 12, 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.
