Futures activity

  • A bullish WASDE report last Monday pushed spot corn futures above $7 per bushel for the first time in two months, hitting $7.12 per bushel on that day’s close.

S&D and fundamental factors

  • Monday’s WASDE report was in line with expectations in terms of corn yield, seeing a reduction of 2.9 bushels per acre to 172.5 bpa. What did surprise the market: Planted and harvested area dropped by 1.2 and 1 million acres, respectively.
  • 2022/23 corn ending stocks now stand 1.219 billion bushels, and the stocks-to-use ratio is now seen at a very bullish 8.5 percent.

Weather, macro indicators, and news

  • Early last Thursday morning, a new tentative deal was reached between two railway unions and the railroad companies, which avoided a strike today. Some delays may still occur, though, as some terminals and rail lines were already preparing to idle assets.

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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.