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Brazil's Conab raised its 2016-17 corn crop estimate by 1.1 million tonnes to 97.1 million tonnes, 46.1% above the prior year. It also projected soybean output at 114 million tonnes, up 19.5%, with planted area down 2%.
Upward revisions to Brazil's corn and soybean supply increase export availability and weigh on world feed grain and soymeal prices, which lowers feed input costs for buyers.
grainsprices.comGate.BGAug 14, 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 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 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.
