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Brazil's Conab projects second-crop corn at 63.73 million tonnes, up 18% year on year, with 44.23 million tonnes in the Midwest. Farmers are expected to expand planted area, and fertilizer purchases were ahead of last year despite higher prices.
Weather remains the key uncertainty, with El Niño expected.
A larger Brazilian second-crop corn harvest would add export supply later in the year, a bearish factor for corn prices, though weather risk remains.
williams.com.brJan 7, 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.
