Conab raised its 2017-18 Brazilian soybean forecast to 110.44 million tonnes from 109.18 million in December, and kept soybean planted area near 34.99 million hectares. Yields were revised up to 3,156 kg/ha, though still below the 2016-17 record.
Brazil's corn estimate was raised to around 25 million tonnes.
Higher Conab estimates point to ample Brazilian export supply, which is bearish for soybeans and meal, with corn revisions also weighing modestly on prices.
After 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.