From S&P Global Commodity Insights, June 13:
Oil market participants will keep an eye on refiners' appetite for crude oil following Saudi Aramco's price increase announcement as well as OPEC+'s plan to hike production in July and August. Meanwhile, supply concerns are keeping China's copper concentrates and US corn markets on their toes.
....4. Dry weather outlook puts US corn supply at risk
What's happening? Corn planting in the US for marketing year 2022-23 (September-August) was delayed due to inclement weather conditions, which has increased chances of above-normal prevented planting acres at a time when the country's corn acreage is already at a three-year low. S&P Global Commodity Insights Analytics sees prevented planting acres in US corn to be at 3.5 million-4 million acres, compared to 2.1 million acres last year. This year US corn acreage and production numbers are very important as corn supplies are tightening globally due to various issues, including Russia-Ukraine war, which are keeping prices high.
What's next? Forecasts of drier summer is likely to add to the supply-side concerns for US corn. US weather during July to September is expected to be above normal temperatures and below normal precipitation in some parts, which according to experts could stress corn growth....
....MUCH MORE
As with Pierce, Fenner, Smith and Beane at Mother Merrill, Platts has been removed from the day-to-day name of the S&P Global Commodities Insight publication
