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Weekly Summary & Recommendations 10/2/24

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, October 1, 2024:


December corn settled yesterday at $4.29, +17¼¢ since last Tuesday.

The past 7 days’ high was $4.32½, the low was $4.08½.


Contract high is $5.90 (June 17, 2022), low is $3.85 (Aug 26, 2024), range is $2.05.

Tuesday’s closing price was $1.61 below the contract high and 44¢ above the contract low.


USDA’s 2024/25 crop carryout in terms of days’ use: US 50, world 92.


Pricing factors:

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