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The Drought.gov Midwest update on May 25, 2023 reports that most of the region has been much drier than normal for 4 to 6 weeks. About 27% of the area is abnormally dry and 9% is in drought, mainly in Missouri and western Iowa.
The 8-14 day outlook favors above-normal temperatures and below-average precipitation.
Dry topsoil and heat during early planting raise the risk of yield losses for corn and soybeans, which supports feed grain and meal prices.
drought.govMay 25, 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 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% 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.
