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Chicago corn rose as much as 2.8%, its biggest intraday gain since May 10, as the emerging US crop faced its first heat threat. Extended weather models showed elevated above-normal temperatures over the Midwest crop belt, potentially stressing some fields.
The US crop was nonetheless rated in its best condition for this time of year since 2021.
Forecast heat over the Corn Belt raises the risk of yield stress during pollination, supporting corn prices, though strong crop ratings limit the rally.
bloomberg.comMichael HirtzerJun 6, 2024After 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.
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.
