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Precipitation and temperature readings for August through October 2024 show extremely dry conditions across much of the key corn and soybean regions. Soybean pod weights and corn ear weights were reduced from mid-August to late October.
Dry weather during the critical grain-fill period explains the record soybean yield cut and the corn cut, supporting prices for both crops.
dtnpf.comJoel KarlinNov 13, 2024After 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.
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.
