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NOAA's seasonal drought outlook calls for drought to continue or develop across much of the Plains and western Iowa through May. Winter wheat in the central region has been stressed by drought and extreme cold, with mid-February temperatures as much as 40 degrees below normal.
Low moisture content in the snowpack adds to concern.
Damage to Plains winter wheat cuts hard red winter supply and supports wheat prices. Dryness in the western Corn Belt also raises the risk to spring corn and soybean crops.
dtnpf.comBryce AndersonFeb 22, 2021After 322 past bullish weather events, KWHEAT moved a median -0.1% over 5 sessions (49% higher; middle half -2.5% to +3.2%), and +1.0% over 20.
After 1,072 past bullish weather events, WHEAT moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% over 20.
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.
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.
