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American Ag Network reports that Farmers Business Network expects 2024 weather to combine El Niño through early summer with a switch to La Niña by late summer and early fall. Corn, wheat and soybean yields are expected to rise this year, while rice yields are expected to decline slightly.
Planting dates are expected to be slightly earlier for wheat and rice and typical for corn and soybeans.
Expected higher US corn, soybean and wheat yields point to larger supplies, which would weigh on feed grain and meal prices.
americanagnetwork.comDigital TeamMar 21, 2024After 357 past bearish weather events, CORN moved a median -0.3% over 5 sessions (44% higher; middle half -2.2% to +1.3%), and -0.5% over 20.
After 363 past bearish weather events, SOY moved a median -0.6% over 5 sessions (42% higher; middle half -2.5% to +1.1%), and -0.2% over 20.
After 334 past bearish weather events, WHEAT moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), and -0.2% over 20.
After 27 past bearish weather events, RICE moved a median -1.6% over 5 sessions (37% higher; middle half -3.4% to +1.1%), and -1.3% 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.
