Global economic and environmental factors have created a positive environment for U.S. corn exports while corn futures ended the week on stable footing.
May-23 corn ended the week up $0.10, meanwhile, Dec-23 futures ended the week right where they started.
For the week ending Mar. 17, ethanol production was down by more than 4 percent compared to that week in 2022.
China has been reportedly purchasing U.S. corn of late as our prices have become more competitive with other global origins and among longer-term concerns about both Argentine and Ukrainian supplies. EU imports have also been high in the absence of adequate Ukrainian exports, approaching 20 MMT thus far this marketing year (beginning in July 2022).
Speaking of Ukraine, its agricultural ministry projects 2023/24 corn production at 21.7 MMT, down by roughly 4 MMT from the year prior.
At least one forecaster is projecting potential dryness in the Corn Belt this summer. As an analog year for a multi-year La Niña followed by an aggressive evolution to an El Niño, 1976 included a reasonably wet spring followed by increasingly dry conditions between June and August.
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