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Freeze damage over the late-November weekend is expected to cut corn and soybean yields, with analysts estimating corn losses of 300 million to 400 million bushels and possibly up to 700 million. Soybean losses are estimated at 30 million to 50 million bushels, which are smaller because the crop matured early.
Official yield reports are not expected until January.
A corn loss of several hundred million bushels would tighten the US balance sheet and support corn prices, with soybeans less affected. Uncertainty until the January report keeps the market sensitive to revisions.
feedandgrain.comNov 30, 2020After 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.
