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The National Integrated Drought Information System reports that drought persists across portions of the Midwest and Missouri River Basin as of July 2, 2021. Significant rain brought relief to parts of the central U.S., but the Dakotas, Minnesota, Montana and Wyoming were largely missed.
Spring wheat and barley conditions are the worst for this time of year since 2000.
Poor spring wheat and barley ratings and continued heat in the northern Plains threaten supplies of feed grains and raise the risk of tighter feed supplies later in the season. Persistent drought in the Upper Missouri Basin supports corn, barley and wheat prices.
drought.govJul 2, 2021After 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.
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.
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.
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.
