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Nebraska Extension meteorologist Eric Hunt forecasts warmer and wetter conditions for the 2024 growing season, with more precipitation expected in eastern Nebraska from Gulf of Mexico moisture. He said a spring as dry as the previous year would be surprising.
A wetter outlook reduces expected drought risk for Plains and Midwest crops, which is mildly bearish for corn and soybean prices.
farmprogress.comElizabeth HodgesFeb 8, 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.
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.
