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Exceptional drought, the worst category on the U.S. Drought Monitor, has returned to parts of North Dakota and Montana for the first time in over a decade. Large shares of spring wheat are rated poor to very poor, with 74% in South Dakota, 61% in Montana and 40% in North Dakota.
Poor spring wheat conditions in the northern Plains cut expected HRS output and support wheat prices, while the heat and dryness also raise concern for late-season corn and soybean yields in the region.
weather.comJul 20, 2017After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% over 20.
After 322 past bullish weather events, Wheat (HRW) moved a median -0.1% over 5 sessions (49% higher; middle half -2.5% to +3.2%), and +1.0% over 20.
After 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, Soybeans 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.
