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About Corn, Hunger Estimates, Markets & Rain Days Update 5/9/22

Highlights


The United Nations estimates the war in Ukraine could cause the number of humans facing acute hunger to rise by 47 million to 323 million worldwide.


The US and the 6 other G7 countries vowed Sunday to defend Ukraine’s "sovereignty and territorial integrity." The G7 said they were committed to undertake further commitments to help Ukraine secure its free and democratic future.


The Group of Seven is the top seven, non-communist financial powers: USA, Canada, France, Italy, Germany, the UK and Japan. The pledge was made to Ukrainian President Zelensky.

 

Let’s Talk About Corn


Except for a few months, corn was less than $4 for six years (2014 -2020).


The low priced corn for such a long time built a huge demand base which led to the tremendous rally into the harvest of 2020 that extended through March 2021. Then the late planted second crop of (safrinha) corn in Brazil suffered a dry April 2021.


Old crop corn futures rallied $1.75¾ in April 2021 and then gained another 30 cents the first week of May to make the high for last year on the 7th at $7.76½ on old crop and $6.38 on new crop.


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