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Corn futures rallied after Pro Farmer's Midwest Crop Tour results showed hot, dry weather reducing yields. Soybeans stayed firm and wheat edged higher, with some traders citing hot, dry Chinese conditions that could boost foreign demand for U.S. grain.
Crop tour yield readings below expectations point to tighter U.S. corn supplies and firmer feed grain prices.
proag.comAug 29, 2022After 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.
