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IBGE's second estimate puts Brazil's 2019 grain harvest at 228.8 million tonnes, up 1% on 2018. Soybean output is seen at 113.4 million tonnes, down 3.8%, due to drought during flowering and grain filling, while corn is projected at 89.4 million tonnes, up 9.8%.
A smaller Brazilian soybean crop is mildly supportive for soybeans and meal, while a larger corn crop adds export supply that pressures corn prices.
agenciadenoticias.ibge.gov.brMar 12, 2019After 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.
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.
