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The IP Crop Network March report describes early-season conditions across regions, including Minnesota drought shrinking from 78% to 57% of the state. Western Minnesota still has limited subsurface water and needs timely rains.
Dryness in western Minnesota raises the risk of weak spring planting and yields, a modest supportive factor for soybean and corn prices.
soyagrainsalliance.orgKatelyn EngquistMar 14, 2023After 324 past neutral weather events, Soybeans moved a median +0.0% over 5 sessions (52% higher; middle half -1.4% to +1.7%), and +0.7% over 20.
After 445 past neutral weather events, Corn moved a median +0.1% over 5 sessions (52% higher; middle half -1.4% to +1.6%), and +0.7% 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.
