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Conab raised its 2016-17 Brazilian corn forecast to a record 87.4 million tons from 84.5 million, lifting the safrinha crop estimate by about 2.5 million tons on good weather. The USDA Brasilia office separately estimated total corn output at 84.0 million tons.
A record Brazilian corn crop increases export competition for US corn and weighs on global corn prices, with bearish implications for feed buyers' corn costs.
en.mercopress.comFeb 16, 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.
Not enough comparable past events yet for a historical read.
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.
