Corn Close to 2-Week low

Corn: futures were trading close to a 2-week low of around $8 per bushel as drier weather helps U.S. plantings rebound from their sluggish pace. After a rainy start to spring, a warmer and drier break is expected to hit across two-thirds of the Midwest, which could enhance corn seeding, easing early worries about production for the coming season.

However corn is not far from a 10-year peak of $8.1 hit in late April as the Russian invasion sharply curtailed exports from Ukraine, one of the other leading shippers.

Ukraine’s grain exports fell to around 923,000 tonnes in April from 2.8 million tonnes in the same month in 2021. Also, the USDA in its latest report estimated global corn ending stocks for 2022/23 down 1.4 percent from last year to 305.1 million tons, as expected declines for China and the United States are partially offset by increases for Brazil, Serbia, and Ukraine