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AccuWeather's new analysis projects a 2019 U.S. corn crop of 13.26 billion bushels, 11.3% below the April USDA estimate, and a soybean crop of 3.952 billion bushels, 4.7% below April. The forecast cites flooding and wet conditions across the Corn Belt, with corn and soybean planting well behind the 2014-18 average.
The USDA's June 11 report lowered its corn projection to 13.68 billion bushels but left soybeans unchanged.
A larger projected shortfall than USDA's own numbers tightens expected corn and soybean supplies, supporting feed grain and soymeal prices. Continued planting delays keep upside risk in the market.
accuweather.comJohn RoachJun 11, 2019After 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.
