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IBGE raised its 2018 Brazilian grain harvest forecast by 2.2% to 224.3 million tonnes after December rains improved conditions. Soybeans are projected at 112.3 million tonnes, rice at 11.7 million and corn at 26.6 million (first crop) and 57.9 million (second crop).
The total is still below the record 2017 harvest of 240.6 million tonnes.
A larger Brazilian soybean and corn crop forecast adds to export supply, which is mildly bearish for global soy and corn prices.
agenciadenoticias.ibge.gov.brJan 11, 2018After 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% 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.
After 399 past bearish report events, Soybean Meal moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.2%), and -1.0% 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.
