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Analyst Ray Grabanski describes 2021 as a tale of two crops: the southeast US has cool, wet weather favorable for corn and soybeans, while the northwest faces hot, dry conditions that are becoming a crop disaster. Forecasts show the dry area in the northern Corn Belt now covers about half the US, and the drought is expected to worsen there.
The split weather pattern means national yield prospects depend on the northern Corn Belt, where dryness can offset good eastern conditions, leaving the price outlook uncertain.
agriculture.comRay GrabanskiJun 30, 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, Soybeans 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.
