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Corn, soybean and wheat prices dropped sharply and stayed weak early in the week. Crop consultant Michael Cordonnier kept his corn yield forecast at 181.5 bushels per acre and US production at 14.97 billion bushels, citing favorable July weather.
Expectations of large corn yields and production weigh on feed grain prices, with heat in Plains corn acres the main upside risk.
grains.orgAug 1, 2024After 357 past bearish weather events, Corn moved a median -0.3% over 5 sessions (44% higher; middle half -2.2% to +1.3%), and -0.5% over 20.
After 363 past bearish weather events, Soybeans moved a median -0.6% over 5 sessions (42% higher; middle half -2.5% to +1.1%), and -0.2% over 20.
After 334 past bearish weather events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), and -0.2% 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.
