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USDA rates only half of the U.S. corn crop in good or excellent condition, and rivers are running low in the central US. An analyst estimates total yield could fall about 1 billion bushels below the original 16.7 billion bushel projection if rains do not arrive soon.
A potential 1 billion bushel yield shortfall would materially tighten US corn supplies and lift feed grain prices. Low river levels could also raise barge freight costs for moving grain.
apnews.comJim SalterJun 29, 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.
Not enough comparable past events yet for a historical read.
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.
