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Chicago corn touched a two-week high on forecasts of hot, dry Midwest weather, with the most-active contract up about 2% to $3.77 a bushel. USDA's monthly report showed U.S. corn supplies tightening more than expected due to rising exports.
Heat risk during pollination and the tighter USDA balance sheet support corn and soybean prices, which raises feed ingredient costs.
agweek.comReuters MediaJul 14, 2016After 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.
