◂ Event Timeline

Aug 28, 2023WEATHERUS

Soybeans at 1-month high, corn firm as hot, dry weather hits US crops - Markets

Chicago soybeans rose to a one-month high after a US farm survey found hot, dry weather stressed soybean and corn crops. Pro Farmer projected US soybean and corn production below USDA estimates, and USDA confirmed a private sale of 120,000 tonnes of soybeans to China.

WHY IT MATTERS

Lower projected US output and fresh Chinese purchases support soybean and corn prices, raising feed ingredient costs for buyers.

AFFECTSWheat (SRW)Corn▲Soybeans▲Soybean Meal▲

SOURCE
brecorder.comReutersAug 28, 2023

Price reaction & history

Wheat (SRW)no directional readSO FAR1d -4.1%5d -4.7%20d -1.9%

After 1,773 past weather events, Wheat (SRW) moved a median +0.1% over 5 sessions (52% higher; middle half -1.5% to +2.1%), and +0.2% over 20.

Jul 28, 2022Soybeans jump over 1% to two-week high as US crop faces heat - Markets - Business Recorder+4.6%
Feb 21, 2023Corn near 1-week high on Argentina supply woes, soybeans firm - Markets - Business Recorder-3.7%
Jun 7, 2026Corn, soybeans futures decline on US weather, dollar strength - Markets - Business Recorder-0.4%
Jul 31, 2025Wheat down 1-3 cents, corn down 1-2, soybeans down 1-2 - Markets - Business Recorder-0.5%
Feb 18, 2025Wheat eases from 4-month highs, soybean flat - Markets - Business Recorder-0.3%

Corn▲bullishSO FAR1d +1.3%5d -1.3%20d -8.5%

After 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.

Jul 28, 2022Soybeans jump over 1% to two-week high as US crop faces heat - Markets - Business Recorder+2.8%
Feb 21, 2023Corn near 1-week high on Argentina supply woes, soybeans firm - Markets - Business Recorder-4.0%
Feb 16, 2021Wheat at one-week high as freezing US weather in focus - Markets - Business Recorder+1.5%
May 3, 2024Soybeans, corn head for weekly gains as floods hit Brazil - Markets - Business Recorder-0.7%
Jul 17, 2021Drier US weather to once again test corn, soy health, yields - Markets - Business Recorder-1.1%

Soybeans▲bullishSO FAR1d +1.0%5d -1.8%20d -6.0%

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.

Jul 28, 2022Soybeans jump over 1% to two-week high as US crop faces heat - Markets - Business Recorder-1.3%
Feb 21, 2023Corn near 1-week high on Argentina supply woes, soybeans firm - Markets - Business Recorder-0.6%
Feb 16, 2021Wheat at one-week high as freezing US weather in focus - Markets - Business Recorder+0.9%
May 3, 2024Soybeans, corn head for weekly gains as floods hit Brazil - Markets - Business Recorder+0.2%
Jul 17, 2021Drier US weather to once again test corn, soy health, yields - Markets - Business Recorder-3.7%

Soybean Meal▲bullishSO FAR1d +1.0%5d -1.5%20d -7.0%

After 453 past bullish weather events, Soybean Meal moved a median +0.5% over 5 sessions (55% higher; middle half -1.6% to +2.7%), and +0.5% over 20.

Mar 18, 2022Soybeans rise on firm vegoils, Argentina crop concerns; corn steady - Markets - Business Recorder+1.6%
Sep 28, 2024Soy futures soar on US weather woes - Markets - Business Recorder-2.5%
Jul 11, 2020CBOT soyabean futures higher - Markets - Business Recorder-1.5%
Feb 11, 2022Soybeans set for 4th weekly gain on South American crop woes - Markets - Business Recorder-1.4%
Jan 5, 2021Dry weather expected to keep pressuring Argentine soy, corn yields - Markets - Business Recorder+5.3%

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.

Wheat (SRW) WHEAT · GP ▸

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Corn CORN · GP ▸

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