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Weather turned exceptionally dry for US crops in mid-August, with heat that had been largely absent until then. The last three weeks have been among the driest seen at this point of the year, especially in the western Corn Belt.
Analysts are weighing possible corn and soybean surprises ahead of the USDA report.
Dryness during pod-setting and grain fill threatens yields and can tighten US supplies, which supports corn and soybean prices ahead of the USDA report.
reuters.comKaren BraunSep 8, 2023After 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.
