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The U.S. Drought Monitor showed 59% of U.S. corn under moderate or worse drought as of the latest reading, up from 55% a week earlier. The share in severe or worse drought rose to 23% from 21%.
Expanding drought across the Corn Belt raises the risk of lower corn and soybean yields, which tends to support feed grain and meal prices.
reuters.comKaren BraunJul 31, 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.
