If You Haven't, Try Our Daily Grain Market Reports FREE for 30 Days!

Weekly Summary & Recommendations 01/19/2022

Corn Situation After the Close Tuesday, January 18th, 2022: March Corn Settled Yesterday at $5.99¼ Price Change Tuesday to Tuesday: down 1¾ cents 19-month high $6.40½ May 7, 2021 19-month low $3.67 June 26, 2020 19-month range is $2.73½ Yesterday’s closing price is: 41¼ cents below the 19-month high $2.32¼ above the 19-month low USDA's 2020 crop carryout in terms of days’ use: US: 30, world: 94 USDA's 2021 crop carryout in terms of days’ use: US: 38, world: 92

Seasonal Trend is Up Fundamentals are Bullish Technical Situation is Bullish Price Above Breakeven? Yes Conclusion: Lock-in futures when March corn trades above $6.22 to establish a floor; be ready to buy puts in the spring The past week’s low was $5.85¼; high was $6.04

This week's Bullish Consensus: 38% bullish 19% bearish 39% neutral 4% no opinion


 

Soybean Situation After the Close Tuesday, January 18th, 2022:

March Soybeans Settled at $13.61¼.

Price Change Tuesday to Tuesday: down 24¼ cents

19-month high $14.455 June 7, 2021

19-month low $8.95 August 24, 2020

19 Month Range is $5.50½

Tuesday’s closing price is:

84¼ cents below the 19-month high

$4.66¼ above the 19-month low

USDA's 2020 crop carryout in terms of days’ use: US: 21, world: 100

USDA's 2021 crop carryout in terms of days’ use: US: 29, world: 93


Seasonal Trend is down until Feb 10, then up into 2nd week in July

Fundamentals are Bullish

Technical Situation sideways short term, long term bullish

Price Above Breakeven? Yes

Conclusion: Lock-in futures when March trades to $14.78, one cent under the January soybean futures contract high

This past week’s low was $13.49¾, high was $14.01


This week's Bullish Consensus:

31% bullish

33% bearish

29% neutral

7% no opinion


 

Wheat Situation After the Close Tuesday, January 18th, 2022:

July CBOT Wheat Settled at $7.59½

Price Change Tuesday to Tuesday: down 9¾ cents

19-month high: $8.63 November 24th, 2021

19-month low $5.16½ May 18, 2020

19-month range is $3.46½

Tuesday’s closing price is:

$1.03½ cents below the 19-month high

$2.43 above the 19-month low

2020 crop carryout in terms of days’ use: US: 146, world: 135

2021 crop carryout in terms of days’ use: US: 117, world: 130


Seasonal Trend is up short term, down log term

Fundamentals: pretty iffy…

Technical Situation is up short term, down long term

Price Above Breakeven? Yes

Conclusion: Lock-in futures $7.97 but no later than 10 March

Last week’s low was $7.36, the high was $7.69


This week's Bullish Consensus:

36% bullish

16% bearish

41% neutral

7% no opinion