
The latest U.S. Drought Monitor, released May 20 and covering conditions as of May 18, showed drought expanding in parts of the Midwest. Iowa had about 8% of its area in severe drought, and 64% of the state was abnormally dry or worse.
Crop progress showed Iowa's corn planting at 97% complete.
Spreading dryness during planting raises the risk of lower yields and supports corn and soybean futures, which would lift feed ingredient costs.
After 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.
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.