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Dry conditions at the start of the US summer crop season have raised concerns about harvest shortfalls. Corn and soybean prices have soared to multi-month highs, though rains could still help both crops recover.
Concerns over US drought and possible shortfalls push corn and soybean prices higher, raising the cost of core feed ingredients until rainfall improves.
reuters.comKarl PlumeJun 22, 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 453 past bullish weather events, Soybean Meal moved a median +0.5% over 5 sessions (55% higher; middle half -1.6% to +2.7%), and +0.5% 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.
Intensifying central US drought raised harvest-shortfall concerns and pushed soy prices to multi-month highs, consistent with a large one-day meal jump.
