# DROUGHT CONCERNS RALLY CORN & BEANS — Market Minute

> Corn and soybeans rallied as forecasts pointed to a dry Midwest for the next few weeks, with soybeans gaining 34 cents. Crop progress showed winter wheat conditions improving slightly, but Kansas good-to-excellent ratings sat at just 10%. A sale of soymeal to the Philippines was reported, and Poland was exporting more wheat into the US.

- Date: 2023-05-22 · published 2023-05-22T12:00:00.000Z
- Category: weather · region US · magnitude medium
- Page: https://feedsoft.ai/events/7838-drought-concerns-rally-corn-and-beans-market-minute
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md)

## Why it matters

Dryness forecasts and a possible El Niño are supporting corn and soy prices, while weak Kansas wheat conditions add support for wheat. Soybean meal demand is firming as Argentina is absent from export markets.

## Read by commodity

- SBM: bullish ▲
- SOY: bullish ▲
- CORN: bullish ▲
- KWHEAT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| CORN | 2023-05-22 | 1 | +3.4% | 4.1 | Forecasts for a dry Midwest over the next few weeks raised yield risk and drove the corn and soybean rally on May 22, which matches the up move. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| CORN | 2022-08-29 | [Crop Tour Drives Corn Market Rally](https://feedsoft.ai/events/40050-crop-tour-drives-corn-market-rally.md) | +0.5% | -0.0% |
| CORN | 2022-06-20 | [Hot and dry conditions increasing drought concerns in the Corn Belt](https://feedsoft.ai/events/13353-hot-and-dry-conditions-increasing-drought-concerns-in-the-corn-belt.md) | -3.7% | -11.8% |
| CORN | 2026-02-13 | [Argentina's drought continues to hit corn, soy \| Latest Market News](https://feedsoft.ai/events/13809-argentina-s-drought-continues-to-hit-corn-soy-latest-market-news.md) | -1.1% | +3.5% |
| CORN | 2023-06-15 | [Drought Concerns Grow as 57% of Corn, 51% of Soybeans in the U.S. Now Considered to Be in Drought - AgWeb](https://feedsoft.ai/events/35551-drought-concerns-grow-as-57-of-corn-51-of-soybeans-in-the-u-s-now-considered-to.md) | +4.8% | -4.3% |
| CORN | 2021-04-13 | [Drought in Plains a Concern for U.S. Corn and Soy Crops](https://feedsoft.ai/events/47437-drought-in-plains-a-concern-for-u-s-corn-and-soy-crops.md) | +1.5% | +23.9% |
| SOY | 2022-08-29 | [Crop Tour Drives Corn Market Rally](https://feedsoft.ai/events/40050-crop-tour-drives-corn-market-rally.md) | -5.9% | -12.1% |
| SOY | 2022-06-20 | [Hot and dry conditions increasing drought concerns in the Corn Belt](https://feedsoft.ai/events/13353-hot-and-dry-conditions-increasing-drought-concerns-in-the-corn-belt.md) | -4.2% | -13.2% |
| SOY | 2026-02-13 | [Argentina's drought continues to hit corn, soy \| Latest Market News](https://feedsoft.ai/events/13809-argentina-s-drought-continues-to-hit-corn-soy-latest-market-news.md) | +0.0% | +6.5% |

## Sources

- dailymarketminute.com: https://www.dailymarketminute.com/subscriber-content/drought-concerns-rally-corn-amp-beans

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.