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Drought remains active across the Plains, and parts of the Western and Central Corn Belt are still affected. The government reports that 32% of U.S. corn area is in drought, up from 19% at the end of 2021.
Winter wheat area in drought rose to 72% from 58%.
Heavy winter wheat drought stress lowers expected hard red winter wheat output and supports wheat prices. Analysts say corn impacts will matter more as planting approaches.
agupdate.comFeb 18, 2022After 322 past bullish weather events, KWHEAT moved a median -0.1% over 5 sessions (49% higher; middle half -2.5% to +3.2%), and +1.0% over 20.
After 445 past neutral weather events, CORN moved a median +0.1% over 5 sessions (52% higher; middle half -1.4% to +1.6%), and +0.7% 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.
