Futures activity
Showing additional strength, Mar-22 corn futures closed last week at $6.16 per bushel, up nearly $0.17 per bushel from last Monday. Dec-22 futures closed at $5.65 per bushel, up $0.07 per bushel or 1.3 percent over the week.
S&D and fundamental factors
- Rumors are circulating that China bought a substantial volume of corn from the U.S. as a hedge against potential issues for purchases from Ukraine.
Weather, macro indicators, and news
- Precipitation fell on some of the driest regions of South America last week. Temperatures are expected to remain elevated in some areas, making ongoing rain events of added importance.
- The geopolitical environment has become a larger market factor due to rising tension between Ukraine and Russia. News from that region supported commodity futures across the board, including wheat—with spillover into corn.
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