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Pro Farmer's Crop Condition Index fell 6.2 points to 357.1 for corn, 11.6 points below the five-year average, with declines concentrated in Minnesota, Nebraska and Kansas. The soybean index dropped 2.7 points to 350.7, and spring wheat fell 4.6 points but remains well above average.
Deteriorating corn and soybean conditions amid heat signal lower yield potential, which supports prices for feed grains and soybean meal.
profarmer.comBrian GreteJul 25, 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.
After 224 past neutral weather events, Wheat (SRW) moved a median -0.1% over 5 sessions (46% higher; middle half -1.4% to +1.5%), and +0.4% 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.
Declining Pro Farmer crop condition ratings in the heat signal lower yield potential, which supports prices.
