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Brownfield reported showers and thunderstorms across the upper Midwest that are providing moisture for reproductive corn and soybeans. As of July 12, 48% of soybeans were blooming and 29% of corn was silking.
Pockets of dryness remain in the eastern Corn Belt, and Michigan had 17% of its corn in poor or very poor condition.
Timely rain in the upper Midwest supports crop development and limits weather premium in corn and soybean prices. Localized dryness in the east keeps some yield risk in place.
brownfieldagnews.comGreg SouljeJul 14, 2020After 445 past neutral weather events, Corn moved a median +0.1% over 5 sessions (52% higher; middle half -1.4% to +1.6%), and +0.7% over 20.
After 324 past neutral weather events, Soybeans moved a median +0.0% over 5 sessions (52% higher; middle half -1.4% to +1.7%), and +0.7% 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.
