Sep-21 corn futures hit $5.71 per bushel on Wednesday, based off continued dry weather outlooks in the Midwest. Prices then fizzled out and dropped 24 cents per bushel on Thursday and Friday, with Sep-21 futures closing the week at $5.47 per bushel.
S&D and fundamental factors
New-crop 2021/22 export sales have been nonexistent recently, but purchases to date still sit at a record 635 million bushels.
Ethanol stocks have increased from 19 million barrels in late May to 22.5 million barrels in late July. Production has remained strong at 1 million barrels per day, 2 percent above the five-year average.
Weather, macro indicators, and news
Major flooding in China caught the market’s attention this week and will likely impact crops and livestock in the Henan province. Rains of 15 to 26 inches have fallen since last Friday over 91,000 square miles. Some areas received over 40 inches of rain. This region produces 17 percent of the country’s corn and 4 percent of soybeans.
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