Loading…
Iowa State University reported that drought stress from low rainfall and high temperatures is spreading across Iowa. As of the July 30 report, 23 of Iowa's 99 counties were in severe drought, up from 15 the week before.
Hardest-hit areas were in western Iowa, with dryness moving into central parts of the state.
Expanding severe drought in a major corn and soybean state raises the risk of yield loss during grain fill. This supports corn and soybean prices if the dryness persists.
farmprogress.comRod SwobodaJul 31, 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.
