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Texas A&M AgriLife reports that heat and drought have cut Texas crop acreage, with wheat yields described as abysmal and corn and sorghum yields expected to be poor to below average. Cash wheat has fallen to $8.27 per bushel from a May peak of $12.62, though prices remain strong.
Lower Texas grain output adds to tight US supplies and supports feed grain prices, though recent cash price declines show the market easing from its peak. The regional shortfall is modest relative to national supply.
agrilifetoday.tamu.eduAdam RussellJul 20, 2022After 322 past bullish weather events, Wheat (HRW) moved a median -0.1% over 5 sessions (49% higher; middle half -2.5% to +3.2%), and +1.0% over 20.
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.
Not enough comparable past events yet for a historical read.
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.
