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NOAA has confirmed 15 weather disasters with losses over $1 billion each in 2023 as of August 8, with ongoing Midwest drought and dry conditions returning to the Mississippi River region. Extreme heat in the Southwest and Gulf Coast adds risk to crop quality and livestock health.
Drought and heat in key crop regions raise uncertainty for harvest yields and quality, and low river levels could further complicate grain transport, supporting feed grain prices.
fb.orgDaniel MunchSep 1, 2023After 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.
