Futures activity

  • Corn futures rallied slightly last week, remaining near around $7 per bushel.

S&D and fundamental factors

  • New 2022/23 corn sales were just 7.9 million bushels the week ending Oct. 7, still well below the pace needed to reach the new export target of 2.150 billion bushels. Sales on the books remain some 50 percent below last year at just 528 million bushels.
  • Brazil FOB corn prices are currently 14 percent below U.S. prices, but only a limited amount of grain remains for sale as we move through Q4, so the U.S. may be the only game in town right through early Q2 2023.

Weather, macro indicators, and news

  • Last Thursday, Russia submitted a list of complaints to the UN over the current grain export corridor, saying that the country may decline to renew the agreement in late November. On Friday, Russian and Turkish representatives discussed these complaints.

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Source: 123rf.com
Posted by: Information Services
Our Information Services team assists our clients with understanding commodity and ingredient market dynamics. Using our extensive database of intelligence, we also produce regular commodity and commercial market publications covering supply and demand fundamentals, news alerts on events that shape the markets, and resource guides to give you a complete picture of the industries we monitor.