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USDA's acreage report cut corn plantings more than expected, and weather models are calling for hotter, drier conditions around pollination. Options premiums are cited as a gauge of whether the rally has real conviction.
Corn futures rallied sharply on Monday and Tuesday.
Weather-driven upside risk and a smaller acreage base support corn prices into July. Feed buyers should watch options volatility and forecasts for pollination-period heat.
farmprogress.comBryce KnorrJun 30, 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.
