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The U.S. Drought Monitor shows 53% of the Midwest in drought (D1-D4), up 11% from the prior week, with Ohio the most affected at 64%. Low Mississippi River flows have imposed barge draft restrictions and saltwater intrusion, and low flows are expected to persist until late fall or early winter.
Drought cuts yield prospects for corn and soybeans, while low river levels raise barge freight costs and limit cargo loads, which tightens grain and meal movement and supports prices.
drought.govOct 22, 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.
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.
