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Brazil's IBGE estimated the 2017 grain, legume and oilseed harvest at 240.3 million metric tons in its June survey, up 0.7% from May and 30.1% (55.6 million tons) above 2016. Soybeans are forecast at a record 114.8 million tons and corn at 97.7 million tons.
A record Brazilian soybean and corn crop expands export supply during the Northern Hemisphere marketing period, which is bearish for soybean meal and corn prices and supports Brazil's export competitiveness.
agenciadenoticias.ibge.gov.brJul 11, 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.
