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Farm Futures' midweek market commentary says grain prices fell through early August before a Midwestern derecho storm damaged millions of acres. Analysts question whether USDA has reduced crop ratings enough, and China's buying has been active.
Storm damage raising doubts over record crops supports corn and soybean prices, while strong Chinese buying adds demand support.
farmprogress.comBen PotterAug 19, 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.
