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AgWeb reports that the U.S. Drought Monitor shows 26% of corn acres, 20% of soybean acres and 47% of winter wheat acres in drought as of late May 2023. USDA meteorologist Brad Rippey says much of the Midwest has been dry for one to three months, and Chicago is on track for its second-driest May on record.
Widespread drought across major crop acreage raises supply risk and supports prices for corn, soybeans and wheat, with winter wheat losses being the most likely to hold.
agweb.comMay 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.
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 322 past bullish weather events, Wheat (HRW) moved a median -0.1% over 5 sessions (49% higher; middle half -2.5% to +3.2%), and +1.0% 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.
