
Corn futures jumped to their highest level in more than seven years, traading above $6.50 per bushel. Harsh weather in the Upper Midwest and dryness in the Dakotas raised concerns about the 2021 supply, alongside strong Chinese demand.
Drought risk to the planting season and Chinese buying tighten supply, pushing feed corn costs higher for buyers.
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 1,072 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 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.
Same-day report of corn jumping to a 7-year high above $6.50 on Upper Midwest weather, Dakotas dryness and strong Chinese demand directly explains the 1-day surge.