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Climate models did not point to a repeat of the hot, dry 2022 summer for the western Corn Belt in 2023. Forecasters expected a more normal summer with plenty of thunderstorm complexes across the Midwest.
Some dry risk was flagged for parts of Kansas, Nebraska and Missouri where snowpack was lacking.
A normal weather outlook reduces the risk premium in corn futures, though localized dryness in the western belt could still affect spring planting.
corteva.comFeb 20, 2023After 357 past bearish weather events, Corn moved a median -0.3% over 5 sessions (44% higher; middle half -2.2% to +1.3%), and -0.5% 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.
