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Corn futures rose as low rainfall in the US Midwest through August and sweltering heat worsened crop conditions, according to USDA data. The benchmark was up almost 4% on the week at $3.39 1/4 a bushel and about 9% over two weeks, following earlier storm damage in Iowa.
Dry weather during grain fill threatens yields in the key US corn belt, tightening supply and supporting feed corn prices for buyers. Hurricane-driven rain is the main hope for relief, so price risk stays upward while dryness persists.
ft.comEmiko TerazonoAug 26, 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.
Not enough comparable past events yet for a historical read.
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.
