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US corn, soybean and wheat futures rose to multi-month highs on June 21 as concerns grew over dry Midwest weather and global crop shortfalls. Forecasters offered little hope of moisture for the dry areas over the next two weeks.
USDA also cut good-to-excellent corn and soybean ratings by more than expected.
Limited rain prospects and falling crop ratings raise the risk of lower US yields, which supports corn, soybean and wheat prices.
farmtario.comMark WeinraubJun 22, 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.
After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% 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.
