Spot corn futures opened last week at $5.16 per bushel and rose to $5.38 per bushel by close Friday, up 22 cents per bushel on the week and testing one-month highs.
S&D and fundamental factors
Corn export sales have begun to pick up, with sales during the week of Oct. 14 eclipsing 50 million bushels for 2021/22, the largest volume since March of this year. Recent sales include 130,000 MT last Thursday to Mexico. U.S. corn remains the cheapest on the global market, and sales should stay strong this quarter.
Weather, macro indicators, and news
China’s Evergrande planned to sell its property management division to a smaller rival, but the deal has reportedly fallen through, weighing on all markets last Thursday after several days of supported prices.
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