Nidera Australia comments that global grain supplies keep growing as South American harvests ramp up. The latest USDA WASDE raised Brazilian corn to 93.5Mt and soybeans to 111Mt, and Argentine flooding threatens up to one million hectares of crops.
Rising Brazilian and Argentine output keeps global corn and soybean supplies heavy, pressuring feed prices, while Argentine waterlogging is a modest upside risk.
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 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.