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US soybean and corn futures rose on 17 July after USDA reported that good-to-excellent ratings fell to 69% for soybeans and 72% for corn, down from the prior week. Hot, dry weather drove the decline, and traders also hoped for a resolution to the US-China trade dispute.
Lower crop conditions during the key pollination and August soybean development period raise yield risk and support prices, though the ratings are still relatively good by historical standards.
grainews.caGFM Network NewsJul 17, 2018After 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.
Corn futures rose on 17 July after USDA cut good-to-excellent ratings to 72% amid hot, dry weather, a direct supply-risk driver within the 5-day window.
Corn futures rose on 17 July as USDA crop ratings fell, a supply-side weather sentiment driver, though the stated move ends 15 July and timing is slightly off.
