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Mid-April forecast updates from NOAA and other sources point to no major threat to U.S. summer crops in 2020. The outlook favors normal to below-normal temperatures and above-normal Midwest precipitation, with no clear El Niño or La Niña signal.
A benign summer outlook lowers the risk premium in corn and soybean prices, which points to softer prices unless the weather turns.
proag.comApr 20, 2020After 357 past bearish weather events, Corn moved a median -0.3% over 5 sessions (44% higher; middle half -2.2% to +1.3%), and -0.5% over 20.
After 363 past bearish weather events, Soybeans moved a median -0.6% over 5 sessions (42% higher; middle half -2.5% to +1.1%), and -0.2% 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.
