Mar-23 corn futures closed Friday at $6.8050, very close to the week’s open at $6.79; weekly volatility was relatively tame, with a $0.10 per bushel high/low spread. The same could be said for Dec-23 corn, which closed at $5.96 per bushel.
S&D and fundamental factors
Per Brazilian ag agency CONAB, the country’s corn-based ethanol is expected to grow 30 percent in 2022/23. Overall demand for ethanol and its applicable coproducts is also expected to grow.
Weather, macro indicators, and news
Ukraine’s agriculture ministry is hoping to raise the minimum limit for vessel loading from 20,000 MT to 25,000 MT for grain and to 10,000 MT (from 6,000 MT) for vegetable oils. Officials have been frustrated with vessel loading delays, accusing Russia of intentionally slowing the process.
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