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Extreme heat and drought hit US crops from Texas and Louisiana to North Dakota, with spring wheat harvest particularly affected. Spring wheat good-to-excellent ratings fell to 38%, and corn and soybean kernel and bean sizes may be reduced in Corn Belt areas with low subsoil moisture.
The Canadian Prairies also face yield-cutting drought.
Reduced grain size and quality in key corn and soybean states point to lower yields and tighter supplies, supporting corn and soybean prices.
world-grain.comRon SterkSep 5, 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.
