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Persistent dry weather in the US has pushed corn crop conditions to their worst levels in about three decades, with only 55% of the crop rated good to excellent. Chicago corn futures jumped more than 12% over four sessions, with December contracts reaching as high as $6.2625 a bushel.
A sharp deterioration in US crop ratings cuts expected yields from the world's largest corn producer, tightening feed grain supplies and lifting corn and feed costs for buyers.
ukragroconsult.comJun 23, 2023After 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.
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.
Not enough comparable past events yet for a historical read.
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.
