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DTN reports that rolled corn leaves and wilting soybean leaves appeared across parts of the Northern Plains and Midwest during early summer heat and drought. University of Minnesota research indicates corn yield losses from drought peak after the V13 growth stage and soybean losses are greatest around R5 seed filling.
Rainfall over the weekend of June 19-20 gave relief to southern Iowa, northern Illinois and southern Michigan.
Early-season stress is less damaging than stress during pollination and grain fill, so timely rain limits the yield risk priced into corn and soybeans. The relief reduces the weather premium if rains continue.
dtnpf.comEmily UnglesbeeJun 21, 2021After 445 past neutral weather events, CORN moved a median +0.1% over 5 sessions (52% higher; middle half -1.4% to +1.6%), and +0.7% over 20.
After 324 past neutral weather events, SOY moved a median +0.0% over 5 sessions (52% higher; middle half -1.4% to +1.7%), and +0.7% 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.
