Corn futures ended last week a bit stronger than they began with the Mar-22 contract closing at $5.93 per bushel, about 1.5 percent higher than Monday’s settle.
S&D and fundamental factors
U.S. exports were reported on the stronger side of things last week at 76.7 million bushels, a market-year high for 2021/22. Most of the sales were to Mexico, while China, though rumored to be considering U.S. purchases, remains on the sidelines.
Chinese corn prices have been rising despite reserve releases this marketing year. Prices are currently around $11 per bushel and have been rising since late October.
Weather, macro indicators, and news
South American weather is a mixed bag, with adequate (and arguably excessive) moisture levels in northern Brazil and pronounced dryness in the south. Argentina’s outlook is also drier in the coming weeks.
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