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

Weekly Summary & Recommendations 02/02/2022

Weekly analysis for the Corn, Soybeans and Wheat market situation.


Old Crop Corn Situation After the Close Tues, Feb 1st, 2022


March corn was up 14¾ cents this past week; settled at $6.34¾.

The target price we had been recommending since late June of $6.24 was attained this past week to establish a floor under the 2021 corn.

We expect the old crop top to be May to July over $7.00.


Now we shift to new crop corn. Note that when we recommend you price new crop corn, will most likely be when we will also recommend you buy puts for the old crop corn you have already sold. On to new crop corn:

December corn settled at $5.77¾

Price Change Tuesday to Tuesday: up 8 cents

20-month high $5.79¾ made yesterday

20-month low $3.68¾ made June 26, 2020

20-month range is $2.11


Yesterday’s closing price is:

2 cents below the 19-month high

$2.09 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: Don’t sell


The past week’s low was $5.64½; the high was $5.79¾

This week's Bullish Consensus:

51% bullish

15% bearish

28% neutral

6% no opinion


 

Old Crop Soybean Situation After the Close Tues, Feb 1st, 2022


March soybeans were up $1.21¼ this past week; settled at $15.28½

The target price we had been recommending since July 13th of $14.78 was attained this past week to establish a floor under your 2021 beans.

We expect the top of the old crop beans to be May to July over $17.00.


Now we shift to new crop beans. Note that when we recommend you price new crop beans will most likely be when we will also recommend you buy puts for the old crop beans you have already sold.


On to new crop soybeans:

November Soybeans Settled at $13.82.

Price Change Tuesday to Tuesday: up 81¼ cents

18-month high $13.89 made yesterday.

18-month low $8.81 on August 7, 2020

18 Month Range is $5.08


Tuesday’s closing price is:

7 cents below the 18-month high

$5.01 above the 18-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 10th then up into 2nd week July

Fundamentals are Bullish

Technical Situation over bought short term, bullish long term

Price Above Breakeven? Yes

Conclusion: Don’t Sell


This past week’s low was $13.08¾, high was $13.89

This week's Bullish Consensus:

57% bullish

17% bearish

13% neutral

13% no opinion


 

CBOT Wheat Situation After the Close Tues, Feb 1st, 2022


July CBOT wheat was down 66 cents this past week; settled at $7.67½. The target price we had been recommending since the November highs in the $8.50 area or no later than January.


The first week of January, we lowered he target to $7.97, which was attained the first and fourth week of January. Now we shift to July KC hard red winter wheat. July KC Hard Red Winter Wheat settled at $7.88½

Price Change Tuesday to Tuesday: down 45 cents 19-month high: $8.71½ November 24th, 2021 19-month low $5.03½ August 24th, 2020 19-month range is $3.68

Tuesday’s closing price is: 83 cents below the 19-month high $2.85 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 down Fundamentals: Bullish due to dry from West Texas through Canada Technical situation is sideway to up Price Above Breakeven? Only if the yield is there, which it won’t be Conclusion: Don’t Sell

Last week’s low was $7.80; the high was $8.31¾

This week's Bullish Consensus: 25% bullish 29% bearish 38% neutral 8% no opinion


Comments


Commenting has been turned off.
bottom of page