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University of Illinois researchers report high temperatures and scarce rain are stressing Illinois corn and soybeans, though crop condition is well above 2023 levels. Corn has accumulated about 1,100 growing degree days since planting but is at V11 rather than the expected V15 due to slow stem elongation.
Stands are generally good after replanting.
Dry heat during the growth stage now underway could cut yield potential for corn and soybeans, supporting prices if rain does not return.
farmdoc.illinois.eduEmerson NafzigerJun 21, 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.
