New-crop Dec-22 futures settled at 6.550 on Thursday, the lowest since Mar. 29. The December contract closed at 6.7400 per bushel on Friday, down from $7.31 per bushel a week ago and down 8 percent week over week.
S&D and fundamental factors
U.S. corn was rated 70 percent good-to-excellent as of the week ending Jun. 19. This is an improvement over last year’s 65 percent but is down a bit from the week prior.
Weekly 2021/22 export sales for corn were nearly 672,000 MT.
Weather, macro indicators, and news
The weather forecast appears a bit better than suggested a few weeks ago, but conditions still remain less than ideal for the crop. Iowa, Missouri, and Illinois remain relatively dry, but spotty rains might be seen in the next ten days.
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