Corn futures pushed back up last week to above $8 per bushel. Jul-22 futures rose 24 cents per bushel, from $7.89 to $8.13.
S&D and fundamental factors
Chinese purchases of U.S. corn continue as exports out of Ukraine remain concerning for the near and long term. Last Thursday, China bought 42.8 million bushels of U.S. corn: 18.7 million bushels for old crop and the rest for 2022/23 new crop.
Central Brazil has experienced dryness over the last four weeks and concerns are mounting for the country’s corn crop. The current 116 MMT USDA estimate is likely too high based on current conditions. Recent industry estimates are for lower production at around 110 MMT or lower, and projections are falling each week as dryness continues in Matto Grosso and other key producing regions.
Weather, macro indicators, and news
The U.S. dollar continues to surge, reaching $103.65 yesterday, up $6 since Apr. 1 and the highest levels since back in 2002.
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