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Minnesota harvest progressed quickly, with corn about 75% harvested and soybeans at 94%. Widespread drought, rated D1 to D4 across nearly the entire state, cut soybean yields, while corn yields are running better than expected on some farms.
Lower Minnesota soybean output tightens local meal supply, but corn results that beat expectations add to ample feed grain supplies and cap corn prices.
agweb.comNov 1, 2023After 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 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.
