Bearish news pushes corn to lows not seen since January
Sep-22 corn ended last week at its lowest levels since Jan. 3 (and at parity with Dec-22 futures) at $5.6425 per bushel. The contract fell 7.8 percent over the week.
S&D and fundamental factors
It appears Ukraine and Russia have worked out a deal to allow grain exports through the Black Sea. Germany also announced plans to use its national rail line to aid in exporting Ukrainian grain out of German ports. Ukraine needs to move old-crop corn to make storage room for the upcoming crop.
Weather, macro indicators, and news
U.S. Corn Belt weather was variable last week, with ample precipitation in some regions while others received little to none. Along with an erratic planting pace this year, weather is likely to create a highly variable scenario for regional yields. Although weather hasn’t been perfect this season, it appears the crop is faring well overall.
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