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The Drought Monitor shows 58% of the Midwest in moderate to extreme drought, up from 8% five weeks earlier. Topsoil moisture in Illinois is rated short to very short at levels worse than 2012 at this time of year.
Rapid drought intensification across the Midwest raises the risk of yield losses in corn and soybeans, supporting feed grain and meal prices. Buyers should expect firmer feed costs if dryness persists into key growth stages.
drought.govJun 23, 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.
After 453 past bullish weather events, Soybean Meal moved a median +0.5% over 5 sessions (55% higher; middle half -1.6% to +2.7%), and +0.5% 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.
