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US corn good-to-excellent ratings were 72% but slipped below 2014 and 2016 levels, with declines in Missouri, Kansas, and Michigan due to dryness and heat. Soybean ratings were mostly unchanged in top states but fell in the northeast and southwest Midwest.
Ratings remain high by historical standards.
Localized dryness and heat trim expectations of the US crop, adding modest support to corn and soybean prices and feed costs.
dtnpf.comMike PalmerinoJul 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, SOY 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.
Commentary on heat and dryness lowering corn ratings in Missouri, Kansas and Michigan reinforces the weather-driven supply concern.
