Summary & recommendations for corn, soybeans and wheat this week.
Corn Situation after the close 12 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 its high April 12th at $7.79 and settled yesterday at $7.76¼.
December corn settled at $7.31 on Tuesday, 12 April 2022
Price Change Tuesday to Tuesday: up 24½ cents
20-month high $7.32¾ made 12 April 2022, 94¾ cents above the Dec corn 2021 high
20-month low $3.68¾ made June 26, 2020
20-month range is $3.63¾
Yesterday’s closing price is:
1¾ cents below the 20-month high
$3.62 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: 35, world: 93
Seasonal Trend is up into third week of June
Fundamentals are Bullish