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Weekly Summary & Recommendations 1/24/24

Grain market summary of price outlook, seasonal situation, fundamental & technical analysis with our recommendations for corn, soybeans and wheat (Soft Red Winter, Hard Red Winter & Spring) for past week Wednesday to Tuesday.


Explanation of our approach:



Corn


Corn situation after the close Tuesday, January 23, 2024:


March corn settled on Tuesday at $4.46½, +3¢ since last Tuesday.

The past 7 days’ high was $4.50½, the low was $4.36¾.


Contract high is $6.85¼ made April 27, 2022;

Contract low is $4.36¾ made January 18, 2024;

Contract range is $2.48½.

Tuesday’s closing price was $2.38¾ below the contract high and $0.09¾ above the contract low.


USDA’s 2022/23 crop carryout in terms of days’ use: US 36, world 94.

USDA’s 2023/24 crop carryout in terms of days’ use: US 54, world 98.


Pricing factors:

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