Mar-23 futures rallied 21 cents per bushel last week, back up to $6.75 per bushel.
S&D and fundamental factors
Argentina’s crop outlook seems to be getting worse each week. The Rosario Exchange (Argentina’s local ag forum) lowered their corn crop estimate from 55 to 45 MMT. Crop ratings per the Buenos Aires Grain Exchange on Friday showed just 7 percent of the corn crop in good to excellent condition. USDA lowered Argentine corn production in last week’s WASDE to 52 MMT, but the final production will likely be much lower.
Weather, macro indicators, and news
The U.S. dollar hit a six-month low last Monday at just under 103 and continued falling during the week to below 102 on Friday.
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