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Weekly Summary & Recommendations 04/07/2022

Corn


Corn Situation after the close 5 April 2022


Even though we expected old crop futures to exceed $7, we recommended since June 29, 2021 pricing 2021 corn when nearby futures were $6.22 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. May corn traded above $6.22 on January 25, 2022.


May 2022 corn made a new high on March 4th at $7.82¾ and settled yesterday at $7.59¾.


December corn settled at $7.06½ on Tuesday, 5th of April 2022

Price Change Tuesday to Tuesday: up 53¾ cents

20-month high $7.12½ made 5 April 2022, 42½ cents above the Dec corn 2021 high

20-month low $3.68¾ made June 26, 2020

20-month range is $3.11¾


Yesterday’s closing price is:

5¾ cents below the 20-month high

$3.37½ above the 20-month low

USDA's 2020 crop carryout in terms of days’ use: US: 30, world: 93

USDA's 2021 crop carryout in terms of days’ use: US: 35, world: 92


Seasonal Trend is up into third week of June

Fundamentals are Bullish

Technical Situation is Bullish

Price Above Breakeven? Yes

Conclusion: Don’t sell

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