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Farm Futures analyst Bryce Knorr says August drought and the Aug. 10 derecho could cut as much as a billion bushels from this year's corn and soybean crops.
Corn crop ratings have fallen 6% over the past month, and yields could be as low as 172.9 bushels per acre versus USDA's August 181.2.
A potential billion-bushel shortfall would tighten US feed grain supplies and support cash basis this fall, though large carry-in stocks limit rally potential.
farmprogress.comBryce KnorrSep 1, 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.
After 453 past bullish weather events, Soybean Meal moved a median +0.5% over 5 sessions (55% higher; middle half -1.6% to +2.7%), and +0.5% 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.
