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Brazil's IBGE put its third estimate for the 2017 national grain, legume and oilseed harvest at 230.3 million metric tons, 25.1% above the 2016 level of 184.0 million. Harvested area rose 6.3% to 60.7 million hectares, and output was up 2.7% from the February estimate.
Rice, corn and soybeans make up most of the total, with Mato Grosso the leading producer at 25.3%.
A much larger Brazilian crop expands export supply of corn and soybeans, which tends to weigh on world prices and competes with US exports. Buyers of feed grains and meal should expect ample global supply.
agenciadenoticias.ibge.gov.brApr 11, 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.
