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Brazil's crop agency CONAB raised its 2016/17 soybean forecast for the fourth consecutive time, to 110.2 million tonnes. It estimated the corn crop at 91.5 million tonnes, up from 88.9 million, and total grain output at 227.9 million tons.
Favorable weather was cited, and soybean export potential was lifted to 61 million tons.
Upward revisions to Brazil's soybean and corn supply and export potential add to world feed supply and tend to pressure soybean meal and corn prices. Buyers can expect cheaper Brazilian origin.
zmp.deApr 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.
