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Brazil's IBGE estimated the July 2017 national grain crop at a record 242.1 million metric tons, up 31.1% from 2016 and 0.7% above the June projection. Soybean output was put at 115.0 million tons and corn at 99.4 million tons, both records, helped by good rainfall and higher planting areas.
A record Brazilian soybean and corn crop adds large export supply during the Northern Hemisphere marketing window, which is bearish for world soybean and corn prices and for meal and feed costs.
agenciadenoticias.ibge.gov.brAug 10, 2017After 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.
