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Brazil's crop agency Conab cut its safrinha corn estimate by 2.2 million tons to 56.0 million tons, citing early yields and dry weather. Total Brazilian corn output is now put at 82.9 million tons, and Mato Grosso's harvest is about a quarter complete.
A further downgrade of Brazil's corn crop reduces export competition and supports global corn prices, especially as the harvest advances.
morningagclips.comBrittanyJul 12, 2018After 1,465 past bullish weather events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% 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.
