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An analyst notes the Western Corn Belt has had poorer weather than the Eastern Corn Belt this year. Minnesota corn is only 38% good to excellent, and the Dakotas are also weak.
Iowa's heat-damaged yield potential is seen as the key factor for whether prices move higher.
Lower yields in the western Corn Belt tighten the new-crop corn and soybean balance, supporting feed prices. The outcome in Iowa will determine whether the market rallies, so feed buyers face upside risk.
farmprogress.comMatthew KruseJul 28, 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.
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 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.
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.
