- Sep-21 corn futures ended last week considerably lower, down more than $0.32 per bushel over the week. Dec-21 futures fell by 3.5 percent over the week to close at $5.24 per bushel.
S&D and fundamental factors
- U.S. corn condition remains at national average of 60 percent rated good to excellent. USDA will likely adjust estimates for planted and harvested corn acreage in the Sep. 10 WASDE report release.
- Some reports out of Brazil suggest 2020/21 production could fall further due to exceptionally low yields for the latest planted safrinha corn.
Weather, macro indicators, and news
- Hurricane Ida’s destruction left a logistical nightmare at one of the U.S.’s major exporting terminals.
- Energy prices are rallying. Oct-21 crude oil futures topped $70 before settling slightly lower last Thursday, and natural gas also traded higher this week. Meanwhile, EPA is reportedly asking a U.S. appeals court to reconsider some oil refiner waivers during the Trump administration.