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USDA's October Global Agricultural Information Network report forecasts Brazil's 2018-19 corn output to rise significantly from 81.5 million tonnes in 2017-18, with exports expected to rebound to 30 million tonnes. Brazil's wheat forecast was cut 300,000 tonnes to 5.2 million tonnes due to dry conditions and frost in Parana and Rio Grande do Sul.
A larger Brazilian corn crop and export rebound add supply to the global corn market, which is bearish for corn prices and competes with US exports; the wheat cut is a small offsetting supply reduction.
world-grain.comArvin DonleyOct 10, 2018After 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 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% 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.
