Corn
Corn Situation after the close 15th February 2022 Even though we expect old crop futures to exceed $7, we recommended pricing 2021 corn when nearby futures were $6.24 to eliminate risk and prepare to buy puts when high is made this spring or early summer to make the money on the way down not made on the way up.
December corn settled at $5.89¾ Price Change Tuesday to Tuesday: up 7¾ cents 20-month high $5.98¾ made 14 February 2022 20-month low $3.68¾ made June 26, 2020 20-month range is $2.30
Yesterday’s closing price is: 9 cents below the 20 month high $2.21 above the 20-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 $5.80¾; the high was $5.98¾
This week's Bullish Consensus
Grainstats.com | Wright on the Market | |
bullish | 36% | 70% |
bearish | 22% | 8% |
neutral | 38% | 22% |
no opinion | 4% | 0% |
Soybeans
Soybean Situation After the Close Tuesday, February 15th, 2022:
We recommended pricing 2021 beans at $14.78 March to establish a floor even though we expect the old crop high to be early summer over $17.00 at which time, we recommend you buy puts to make money on the way down not made on the way up.
November Soybeans Settled at $14.32.
Price Change Tuesday to Tuesday: up 19 cents
18-month high $14.69¾ on 10 February 2022
18-month low $8.81½ on 7 August 2020
18 Month Range is $5.88¾
Tuesday’s closing price is:
37¾ cents below the 18-month high
$5.51 above the 18-month low
USDA's 2020 crop carryout in terms of days’ use: US: 21, world: 101
USDA's 2021 crop carryout in terms of days’ use: US: 27, world: 92
Seasonal Trend is up
Fundamentals are Bullish
Technical Situation sideways short term, bullish long term
Price Above Breakeven? Yes
Conclusion: Don’t Sell
This past week’s low was $14.08½, high was $14.69¾
This week's Bullish Consensus
| Grainstats.com | Wright on the Market |
bullish | 48% | 65% |
bearish | 20% | 13% |
neutral | 30% | 24% |
no opinion | 2% | 0% |
Wheat
Wheat Situation After the Close Tuesday, February 15th, 2022: We recommended pricing 2022 soft red winter wheat $7.97 in January. We have not recommended pricing July KC hard red winter wheat… way too dry and maybe war
July KC Hard Red Winter Wheat settled yesterday at $8.10½ Price Change Tuesday to Tuesday: up 4 cents 19-month high: $8.71½ November 24th, 2021 19-month low $5.03¼ August 24th, 2020 19-month range is $3.68¼
Tuesday’s closing price is: 61 cents below the 19-month high $3.07¼ 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: 122, world: 129
Seasonal Trend is down Fundamentals: Bullish due to dry soil from West Texas to Canada Technical situation is sideways 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 $7.96½; the high was $8.45
This week's Bullish Consensus
| Grainstats.com | Wright on the Market |
bullish | 35% | 38% |
bearish | 32% | 9% |
neutral | 29% | 53% |
no opinion | 4% | 0% |
