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Conab raised its July estimate of Brazil's second-crop corn production to 65.5 million tonnes, up 2.1 million from June, on good weather and higher yields in Mato Grosso and Parana. Harvest was nearly 30% complete by the start of July.
A larger Brazilian second-crop corn crop increases world corn supply and export availability, which is bearish for corn prices and reduces demand for US exports.
farmprogress.comJames ThompsonJul 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.
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.
