Corn prices rebound with pollination around the corner
Dec-22 corn futures went on a wild ride last week after prices plunged to $5.7850 per bushel last Monday, down 29 cents from the previous Friday’s close. Prices dipped to as low as $5.6650 per bushel during trading on Wednesday, the lowest since early February.
S&D and fundamental factors
Brazil’s CONAB raised 2021/22 corn production to 115.7 MMT and is now in line with the USDA estimate of 115 MMT. The crop was able to withstand some unfavorable weather, and production was better than anticipated vs. estimates months ago.
Weather, macro indicators, and news
The June jobs report was much better than anticipated with the economy adding 372,000 jobs; unemployment remains at 3.6 percent. Pre-report estimates were 272,000 jobs.
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