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USDA's June 16 FAS report forecasts Brazil's 2016-17 corn crop at a record 95 million tonnes, up 30% year on year, with exports of 32 million tonnes. Brazil's 2017-18 wheat output is forecast to fall 17% to 5.6 million tonnes, while wheat imports rise.
A record Brazilian corn crop and large exports add to world corn supply, bearish for corn, while expected higher Brazilian wheat imports support international wheat demand.
world-grain.comEric SchroederJun 19, 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 769 past bullish report events, Wheat (SRW) moved a median +0.2% over 5 sessions (53% higher; middle half -1.4% to +2.0%), and +0.2% 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.
