Corn prices soften in search of fresh fundamental drivers

Corn futures ended last week with different tones for old-crop vs. new-crop contracts. Dec-21 contracts were nearly flat, closing up slightly for the week at $4.6000 per bushel. This first look at the upcoming U.S. production season was close to market expectations, but projected [...]

May-21 corn futures briefly test $5 after weeks-long rally

Corn futures have posted an astounding rally that began in the middle of December and accelerated through the first week of January. Supported by expectations of an additional downward revision to 2020/21 domestic and Argentine production and a weak dollar’s perceived impact on export [...]

WASDE: U.S. corn ending stocks plummet

USDA lowered 2020/21 U.S. corn ending stocks by 465 million bushels in the November WASDE on lower new-crop production and higher exports. Corn yield was lowered to 175.8 bushels per acre (bpa), down 2.6 bpa from the October estimate and notably below the average [...]

Corn supply reductions partially offset by lower demand

Friday’s WASDE report noted some expected changes to the domestic corn balance sheet, including supply reductions that were partially offset by adjustments to demand projections. Planted and harvested acreage for 2020/21 were both reduced by 1 million acres, with the latter now pegged at [...]

Expanding acreage in Brazil to boost 2020/21 production

USDA forecasts planted corn acreage in Brazil at nearly 48.19 million acres in 2020/21, up 0.8 percent year on year. A private forecast from Safras & Mercado pegs planted area at 48.56 million acres (19.66 million hectares) in 2020/21, which is 370,000 acres (149,734 [...]

One week after WASDE, a few notes on corn

Some bullish notes for corn include USDA estimating 2020/21 prevented planting at just under 5.4 million acres, which may mean lower harvested acreage in the September WASDE. The recent derecho storm is another bullish factor that may also pressure harvested acreage and yields in [...]

August WASDE: Corn production uncertain following derecho

USDA raised its 2020/21 corn yield estimate to 181.8 bushels per acre (bpa), up 3.3 bpa from July’s forecast, which was already calling for a record high. This new yield forecast boosted new-crop production by 278 million bushels to 15.278 billion bushels, a new [...]

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