Sep-22 corn futures ended last week close to where they started, closing at $6.1025 per bushel. Dec-22 futures were up a mere quarter of a cent from the start of last week, closing at an even $6.10 per bushel.
S&D and fundamental factors
The U.S. corn crop was rated 61 percent good to excellent in the Monday Crop Progress report last week.
Weather, macro indicators, and news
The first shipment of grain leaving Ukraine was reported to have set sail last Monday. Included in the shipment is a reported 26,000 MT of corn. Three additional vessels loaded with grain (including corn) left on Friday. It is believed that, between wheat and corn, grain stocks in Ukraine are near 16 MMT.
A bevy of recession-contradicting stats was released Friday, calling into question whether the U.S. economy is truly contracting—at least as of yet. Nonfarm payrolls were reported to have increased by 528,000 in July—well above pre-report analyst projections of as much as 325,000. (The June number was revised higher by 26,000 to 398,000.)
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