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Corn, soybeans and wheat futures fell sharply overnight as weather models shifted to cooler, wetter conditions for the Midwest in coming weeks. Rain was expected to ease dryness concerns, though some areas stay warm.
India's monsoon covered two-thirds of the country about two weeks ahead of normal.
Improved Midwest soil moisture reduces yield risk premium, pushing corn, soybean and wheat prices lower. Early monsoon rains support Indian soybean and rice planting, adding to global supply outlook.
profarmer.comPro Farmer EditorsJun 14, 2021After 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.
After 334 past bearish weather events, Wheat (SRW) moved a median -0.2% over 5 sessions (47% higher; middle half -1.9% to +1.7%), and -0.2% over 20.
After 118 past bearish weather events, Soybean Meal moved a median -0.8% over 5 sessions (35% higher; middle half -3.2% to +0.4%), and -1.6% 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.
