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Brazil's IBGE cut its November forecast for the 2018 harvest by 700,000 metric tons to 219.5 million, 9.2% below 2017. The second corn crop estimate fell from 59 million to 57.9 million tons because a lack of rain in September and October delayed soybean planting, and corn is planted after soybeans.
IBGE said the number could be revised upward as weather improves.
A smaller Brazilian safrinha corn crop tightens export supplies and supports corn prices, though the possible upward revision limits the upside.
agenciadenoticias.ibge.gov.brDec 12, 2017After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% 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.
