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Conab, Brazil's national supply agency, expects corn plantings to fall 2 to 5% as farmers shift acreage to soybeans. Brazil's corn ending stocks are estimated at a record 21.6 million tons, and Brazilian corn prices are falling.
Lower corn area and very high inherited stocks weigh on export prices for corn, while the shift to soybeans supports soybean prices; later second-crop corn planting could still create weather risk.
brownfieldagnews.comMark DorenkampSep 8, 2017After 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 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), 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.
