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USDA NASS reported that 69% of corn and 67% of soybeans were rated good to excellent as of June 23, both down from the prior week. Heavy rain in the northwestern Corn Belt and hot, dry conditions in the southern and eastern Corn Belt drove the declines.
Corn emergence and soybean planting were roughly in line with the five-year average.
Falling crop ratings during early pollination-stage weather raise the risk of yield losses, which supports corn and soybean prices and feed costs for buyers.
dtnpf.comAnthony GrederJun 24, 2024After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% over 20.
After 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% 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.
