Summary & recommendations for corn, soybeans and wheat this week.
Corn Situation after the close 24th May 2022: On May 13, we recommended selling old crop corn at the market, about $7.85 July futures. We are waiting to buy puts to ride this market lower. We expect to recommend buying December corn put before the end of June.
December corn settled Tuesday at $7.25¼. Price Change Tuesday to Tuesday: down $0.35½ The past week’s high was $7.60½, the low was $7.14¼.
24-month high $7.66¼ made 16 May 2022; 24-month low $3.69 made June 26, 2020; 24-month range is $3.97¼. Yesterday’s closing price is: $0.41¼ below the 24-month high; $3.56¼ above the 24-month low.
USDA’s 2021 crop carryout in terms of days’ use: US 31, world 90; USDA’s 2022 crop carryout in terms of days’ use: US 37, world 90.