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Rains soaked parts of South Dakota, Minnesota and Iowa during the week, and more storms were forecast before a warm-up with highs in the low 90s F. Forecasters called the wet, warm outlook generally favorable for corn and soybeans despite local flooding.
CBOT soybean futures fell to a 9.5-year low that week on favorable weather and trade war fears.
Favorable moisture and forecast crop prospects weigh on corn and soybean futures, lowering feed grain and meal costs, although localized flooding adds some replant risk.
reuters.comJulie IngwersenJun 22, 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.
