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NIDIS drought.gov reported that flash drought has intensified across portions of the Midwest, with 17% of the region in drought and extreme drought (D3) in northwest Iowa and southern Missouri. Corn is showing vegetation stress during its reproductive phase, and hot, dry conditions are forecast to return in August.
Heat stress during corn pollination and grain fill threatens yield in a major feed-grain region, supporting corn and soybean prices and feed costs for buyers.
drought.govJul 21, 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.
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.
Intensifying flash drought in the Midwest, with hot, dry conditions forecast for August, raises yield risk.
