- 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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