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Drought and extreme heat reduced soybean yields across parts of the Midwest and Great Plains in 2023, with dryland fields producing very small beans. White mold spread across Nebraska, South Dakota and parts of Iowa, and dectes stem borer hit south-central Nebraska and Kansas.
Yield losses from drought and disease tighten soybean and meal supplies, which supports prices.
proag.comJan 26, 2024After 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.
After 453 past bullish weather events, Soybean Meal moved a median +0.5% over 5 sessions (55% higher; middle half -1.6% to +2.7%), and +0.5% 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.
