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Pro Farmer Crop Tour scouts reported extreme heat and drought across the western Corn Belt during the August tour. Scouts noted silage aromas in Nebraska, a sign corn had passed maturity and was beginning to rot.
The tour covered about 70% of the Corn Belt.
Heat stress during grain fill cuts kernel weight and yield potential, which tightens corn and soybean supplies and supports prices.
world-grain.comCrystal FutrellAug 30, 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.
