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USDA's Crop Progress report showed corn condition ratings fell 2 points week-over-week to 70% good/excellent as of June 19, in line with analyst expectations. Growers reported heat stress and flash drought in Kansas, Illinois and Ohio.
A rating decline that was largely expected limits the immediate price reaction, but continued heat stress keeps a yield risk premium in corn and related feed.
farmprogress.comJacqueline HollandJun 22, 2022After 1,040 past bullish report events, Corn moved a median +0.5% over 5 sessions (62% higher; middle half -0.9% to +2.0%), and +0.8% 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.
