Corn prices have taken a hit recently as weather conditions and global politics create instability in the market.

Futures activity

  • Spot corn prices quickly pulled back to $6.50 per bushel this week, the lowest since late December 2022 and falling a sizeable 27 cents per bushel on the week.

S&D and fundamental factors

  • Turbulent news in South America this week as cold/frost hit portions of Argentina over the weekend, which only adds to the list of their challenges for 2022/23—right now, the cold appears to impact more heavily on the soybean crop vs. corn.

Weather, macro indicators, and news

  • Ukraine-Russia war hit the one-year mark today. China called for a ceasefire in Ukraine and has offered a 12-point peace plan. However, U.S. intelligence is also reporting that China is considering selling ammunition and weapons to Russia to fight the war.

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Source: 123rf.com
Posted by: Information Services
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