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CBOT corn and soybean futures hit their highest in nearly two weeks on July 14 as forecasts pointed to dry weather in the Midwest and northern Plains. December corn settled at $5.58-3/4 and August soybeans at $14.53.
Spring wheat stress in the northern Plains and Canada is also highlighted.
Dry forecasts during corn pollination and heat stress on spring crops raise feed grain and soymeal prices. Buyers should expect firmer bids while the weather risk persists.
agcanada.comAGCanadaJul 14, 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 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 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.
