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The U.S. Drought Monitor released March 4 showed 11% of Midwest acres in moderate drought, with more than half of the High Plains in severe drought. Iowa has extreme drought in its northwest, and about 80% of Nebraska is in moderate drought or worse.
Widespread drought across key corn states including Iowa and Nebraska raises concern about early planting conditions and potential yield risk, supporting corn and wheat prices at the margin.
ukragroconsult.comMar 5, 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 322 past bullish weather events, Wheat (HRW) moved a median -0.1% over 5 sessions (49% higher; middle half -2.5% to +3.2%), and +1.0% 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.
