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

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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