Corn market: Geopolitics overshadow improving South American weather
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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