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Iowa had its worst drought in at least nine years in 2022, with about 73 percent of the state in some degree of drought. The Mississippi River hit record lows, grounding barges, stalling crop shipments and raising shipping costs.
Low river levels raised barge freight costs and slowed grain movement, widening basis and cutting returns to Midwest growers. Drought also trimmed yields in parts of Iowa, supporting corn and soybean prices.
thegazette.comBRITTNEY MILLER, JIM SLOSIAREKDec 2, 2022After 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.
Not enough comparable past events yet for a historical read.
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.
