Fundamental Fair Value Corn December
- A
Due to the Russian invasion in Ukraine, we lowered Ukrainian corn exports sharply, resulting in a sharp increase in our FFV. The market moved higher as well but lagged our forecast by a couple of weeks.
- B
We started to increase Ukrainian exports via trucks, rail and the Danube, and together with higher yields in the US, our FFV dropped sharply. The market finally came down end of June and then overshot to the downside in July.
- C
Lower US yield estimates and lower-than-expected quarterly stocks reported by the USDA pushed FFV higher.
