Futures activity

  • After a relatively calm week, corn futures propelled to $7 per bushel during trading on Friday following the release of the September Grain Stocks report.

S&D and fundamental factors

  • In the Grain Stocks report, 2021 figures were revised lower, with both planted and harvested acreage down 100,000 acres to 93.3 and 85.3 million acres, respectively. NASS/USDA also lowered yield 0.3 bushels per acre (bpa) to now 176.7 bpa, cutting the 2021 crop by 41.4 million bushels.

Weather, macro indicators, and news

  • Recessionary fears led to a Dow Jones crash last week to below 29,000 points, the lowest since the COVID-19 outbreak back in spring 2020.
  • Crude oil dipped to $80 per barrel on Monday, Sep. 26, but Hurricane Ian and rumors of an OPEC+ cut in oil production by 1 million bpd in October pushed crude oil back into the high $80s.

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Source: 123rf.com
Posted by: Information Services
Our Information Services team assists our clients with understanding commodity and ingredient market dynamics. Using our extensive database of intelligence, we also produce regular commodity and commercial market publications covering supply and demand fundamentals, news alerts on events that shape the markets, and resource guides to give you a complete picture of the industries we monitor.