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Only 8% of Iowa's expected corn crop was planted in the week ending May 5, bringing the total to 47%, which lags average by two days. Rain held farmers to 1.4 suitable days, though some counties moved out of drought, and topsoil moisture was 19% surplus.
Delayed Corn Belt planting raises concern about yield potential if wet conditions persist, supporting corn prices in the near term.
morningagclips.comKyleMay 7, 2024After 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 324 past neutral weather events, Soybeans moved a median +0.0% over 5 sessions (52% higher; middle half -1.4% to +1.7%), 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.
