- Dec-21 corn futures dropped by roughly $0.10 over last week to close at $5.3050 per bushel. Since the last week of September, futures have traded in a narrow range.
S&D and fundamental factors
- Global ending stocks are projected to rise by about 1 MMT to an average guess of 298.76 MMT. CONAB is projecting Brazilian 2021/22 corn production at 116.313 MMT, up by more than 29 MMT from 2020/21—with acreage to grow by 4.75 percent to nearly 20.87 million hectares.
- Heavy rains are slowing corn harvesting activities in northern China and raising concerns about quality. USDA is currently projecting a crop of 273 MMT for 2021/22—up 5 MMT from the August projection and up nearly 14 MMT from 2020/21.
Weather, macro indicators, and news
- Cordoba, Santa Fe, and Santiago del Estero regions of Argentina remain too dry to get going with early season planting.