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As of mid-June, most of the Midwest was dry or in drought, with the Great Plains facing extreme and exceptional drought. Little rain has fallen since early May, raising the prospect of a drought comparable to 2012.
Growing drought risk across the Corn Belt supports corn and soybean prices as yield expectations weaken. Buyers face a higher risk of tighter feed grain supplies later in the season.
farmdocdaily.illinois.eduHongxia JiaoJun 20, 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.
