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Ag meteorologists warn of a Midwest heat wave with temperatures forecast above 100 degrees and little rain, which could worsen crops in the western and central Corn Belt. Drought coverage had eased to 55% of corn and 50% of soybeans from late-June peaks.
Extreme heat with no rain during pollination and grain fill threatens yields, which would tighten corn and soybean supplies and support prices.
agweb.comTyne MorganJul 24, 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.
