May-22 corn actually fell 19 cents per bushel last week to $7.35 per bushel despite an unfavorable acreage report.
New-crop futures contracts closed the gap vs. the spot market, however, reflecting lower expected acreage. The Dec-22 contract rose from $6.69 per bushel to $6.88 per bushel, a new contract high.
S&D and fundamental factors
Corn acres came in at 89.5 million acres in last Thursday’s Prospective Plantings report, nearly 4 million acres below last year and some 2.5 million acres below analyst expectations.
Weather, macro indicators, and news
Russia/Ukraine: Last week, talk of negotiations was circulating, but Russian shelling continued across Ukraine, especially in the southeastern cities. A reported Ukrainian helicopter strike on a fuel depot in Russia could further muddle peace talks.
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