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 [...]

Brazilian corn crop estimates notably different

Last week, both USDA and Brazil’s CONAB released their most recent agricultural supply and demand estimates. USDA left its 2020/21 Brazilian corn crop estimated at 110.0 MMT, 1.1 MMT above the industry estimate. CONAB estimates significantly lower 2020/21 Brazilian corn output at just 102.5 [...]

Southern Brazil to get rain, U.S. soils remain saturated

South and southwest Brazil have seen limited rains in recent months. While significant rain is expected in these areas over the next two weeks, it may not be enough to restore soil moisture to adequate levels. Nevertheless, any rain at this point will be [...]