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Grain markets closed the second week of August mostly higher despite a bearish USDA August WASDE that projected record national average corn and soybean yields. The complex rallied on a derecho windstorm that damaged an estimated 10 million acres of Iowa farmland and stored grain, and on solid export sales.
Canola eased on a large Western Canada crop outlook and speculator profit-taking, while the Canadian dollar traded above 75.5 US cents.
The derecho damage is a potential supply loss that could lift corn and soybean prices, though record yield expectations cap upside, and canola prices remain supported by strong exports and crush.
realagriculture.comBrennan TurnerAug 15, 2020After 1,465 past bullish weather events, Corn moved a median +0.2% over 5 sessions (54% higher; middle half -1.4% to +1.9%), and +0.9% over 20.
After 1,079 past bullish weather events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.0%), and +0.9% over 20.
Not enough comparable past events yet for a historical read.
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.
