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Corn and soybean crop ratings improved 1 to 2 points in major Midwest states over the past week as drier weather in the western Midwest and wetter weather in the east helped conditions. USDA-style topsoil moisture is much wetter than a year ago, and forecasters expect further gains with stress-free weather.
An El Niño is considered likely this fall, which would make a stressful hot, dry pattern in the Midwest unlikely.
Better crop ratings and an expected El Niño point to strong supply prospects, which is bearish for corn and soybean prices and therefore for feed ingredient costs.
dtnpf.comMike PalmerinoJul 24, 2018After 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 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.
