Successful Farming agronomists in major corn states described October in a single word as harvest progressed. The USDA reported 74% of the US corn crop harvested as of Nov.
2, with Minnesota growers reporting strong yields in some areas while drought-stricken fields without irrigation suffered losses.
Reports of strong yields in parts of the Corn Belt alongside drought losses elsewhere support the view of a large but uneven US corn crop, which is bearish for corn feed prices.
After 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 324 past neutral weather events, Soybeans moved a median +0.0% over 5 sessions (52% higher; middle half -1.4% to +1.7%), and +0.7% 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.