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The FAO/GIEWS quarterly Crop Prospects and Food Situation report lists 37 countries needing external food assistance, citing conflict in South Sudan, Yemen and Nigeria, and drought in Sri Lanka and East Africa. It forecasts record cereal output in Argentina and Brazil in 2017.
Record South American grain output adds to global supply and weighs on feed grain prices, while food-aid needs in importing countries add some demand. Net effect is mildly bearish for corn and soy complex prices.
fao.orgJun 9, 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 406 past neutral report events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.6% to +1.5%), 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.
