Grain market summary of price outlook, seasonal situation, fundamental & technical analysis with our recommendations for corn, soybeans and wheat for past week Wednesday to Tuesday.
Corn
Corn situation after the close Tuesday, October 26, 2022:
December corn settled on Tuesday at $6.86¼.
Price change Tuesday to Tuesday: up $0.05¼.
The past week’s high was $6.88, the low was $6.74.
Contract high is $7.66¼ made May 16, 2022;
Contract low is $3.69 made June 26, 2020;
Range is $3.97¼.
Yesterday’s closing price is:
$0.80 below the contract high;
$3.17¼ above the contract low.
USDA’s 2021 crop carryout in terms of days’ use: US: 34, world: 93
USDA’s 2022 crop carryout in terms of days’ use: US: 30, world: 94
Seasonal Trend is up
Fundamentals are bullish
Technical Situation is uptrend
Price Above Breakeven? Yes
Conclusion: Sell all remaining 2022 corn on a December HTA at $7.24
We previously recommended pricing all 2021 and 2022 crop corn your nerves could stand when December corn was $7.50+ on May 13th, 2022. All those orders were filled by May 16th.
This week's Bullish Consensus
And Seasonal Chart
Soybeans
Soybean situation after the close Tuesday, October 26, 2022:
November Soybeans settled on Tuesday at $13.82.
Price change Tuesday to Tuesday: up $0.10.
This past week’s high was $13.98½, the low was $13.57.
Contract high is $15.84¾ on June 10, 2022;
Contract low is $8.81 on August 7, 2020;
Range is $7.03¾.
Tuesday’s closing price is:
$2.02¾ below the contract high;
$5.01 above the contract low.
USDA’s 2021 crop carryout in terms of days’ use: US: 22, world: 93
USDA’s 2022 crop carryout in terms of days’ use: US: 17, world: 96
Seasonal Trend is up into January
Fundamentals are bullish, very bullish long term
Technical Situation is uptrend
Price Above Breakeven? Yes
Conclusion: Sell HTA $15.72 (be patient and it will come)
This week's Bullish Consensus
And Seasonal Chart
Wheat
Wheat situation after the close Tuesday, October 26, 2022:
July 2023 KC Hard Red Winter Wheat settled on Tuesday at $9.26½.
Price change Tuesday to Tuesday: down $0.07½.
Last week’s high was $9.50, the low was $9.17¾.
Contract high is $12.10 on May 19, 2022;
Contract low is $4.94 on August 4, 2020;
Range is $7.16.
Tuesday closing price is:
$2.83½ below the contract high;
$4.32½ above the contract low.
USDA’s 2021 crop carryout in terms of days’ use: US: 127, world: 127
USDA’s 2022 crop carryout in terms of days’ use: US: 113, world: 124
Seasonal Trend is up
Fundamentals are bullish
Technical Situation is uptrend
Price Above Breakeven? Yes.
Conclusion: Place no orders to sell wheat at any price at this time.
We previously recommended pricing 2023 KC wheat at $8.35, filled March 21st
This week's Bullish Consensus
And Seasonal Chart
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