Sep-21 corn futures ended last week near where they started at $5.55 per bushel. Trading was sideways ahead of this week’s WASDE report, a consolidation pattern that may suggest futures are poised for a breakout in one direction or the other.
S&D and fundamental factors
The average trade guesses for U.S. 2020/2021 and 2021/22 corn stocks in this week’s WASDE are near 1.1 and 1.27 billion bushels, respectively. The average yield estimate for this year’s crop is 177.4 bushels per acre, with production at 14.971 billion bushels.
Brazilian corn exports may drop as low as 17 MMT for 2020/21—down over 50 percent from last year at 35 MMT.
Weather, macro indicators, and news
Last week’s updated U.S. Drought monitor shows extreme drought conditions in portions of Iowa to go along with the Dakotas and Minnesota.
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