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Weekly Summary & Recommendations 10/18/23

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, October 17, 2023:


December corn settled on Tuesday at $4.89, +3½¢ since last Tuesday.

The past 7 days’ high was $4.98¾, the low was $4.82¼.


Contract high is $6.79¼ made Apr 27, 2022;

Contract low is $3.97½ made Dec 15, 2020;

Range is $2.81¾.


Yesterday’s closing price was:

  • $1.90¼ below the contract high;

  • $0.91½ above the contract low.


USDA’s 2022 crop carryout in terms of days’ use: US 36, world 93.

USDA’s 2023 crop carryout in terms of days’ use: US 54, world 95.


Pricing factors:

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