Mar-22 corn futures closed slightly lower last week at $6.2050 per bushel. Futures are up about $0.70 per bushel year on year.
S&D and fundamental factors
With WASDE’s release this week, one key question is whether global corn ending stocks will fall further. Last month, USDA lowered forecast stocks by roughly 2.5 MMT to just over 303 MMT, mostly based on reductions to Brazilian and Argentine production prospects for 2021/22.
Weather, macro indicators, and news
Planting of Brazil’s second crop has begun and is ahead of average pace, but there are at least some general concerns about dryness this year preventing optimal yields.
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