Spot corn futures played out last week with little change, opening last Monday at $5.81 per bushel and closing Friday right back up at $5.86 per bushel.
S&D and fundamental factors
Not much in the way of change is anticipated for this month’s WASDE for corn. For U.S. corn, lower export demand may offset potentially stronger ethanol use. Globally, forecasts for a larger Ukrainian crop could raise ending stocks.
U.S. export sales for the week of Nov. 22 were 40.2 million bushels. Total commitments for 2021/22 currently stand at about 35.43 MMT (around 1.4 billion bushels), down by about 7 percent from 2020/21 sales a year ago.
Weather, macro indicators, and news
Mixed messages abound regarding weather in Argentina, with some proposing dryness is a concern, and others suggesting it’s not as bad as it seems. Brazilian weather is more or less favorable, but forecasters will be monitoring South America for the next month or so as drier conditions are expected to continue.
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