The IMF's 2018 Article IV consultation for Brazil says the economy is recovering moderately after a 2015-16 recession that cut cumulative real GDP by 8.2 percent. Growth of 1 percent in 2017 is projected to accelerate to 1.8 percent in 2018 and 2.5 percent in 2019, driven by consumption and investment.
The IMF also estimates the output gap at about -3.5 percent and flags remaining risks.
A gradual Brazilian recovery supports domestic demand for feed grains and meat, but the risks flagged point to limited upside. The effect on feed prices is modest and mainly indirect.
After 92 past neutral macro events, Brazilian Real (BRL per USD) moved a median +0.4% over 5 sessions (58% higher; middle half -0.7% to +1.4%), and +0.4% 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.