Corn rockets higher as Russian invasion intensifies
Corn futures rocketed higher all last week, reaching $8 per bushel on the spot market during trading on Friday before falling back to close up 5 cents at $7.56 per bushel.
S&D and fundamental factors
While market attention is on Ukraine and Russia, South America received some good rains this week, expected to last into next week. Crop conditions should improve, and the recent moisture will support the planting of Brazil’s safrinha corn crop. Safrinha corn planting is near 64 percent, still well ahead of last year.
Weather, macro indicators, and news
Crude oil shot up $20 per barrel last week, reaching $117 per barrel during Friday’s trading, the highest since February 2013. If/when prices break $120 per barrel, that will be the highest price since February 2012.
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