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Weekly Summary & Recommendations 10/4/23

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 to this report:


Corn situation after the close Tuesday, October 3, 2023:

December corn settled on Tuesday at $4.87½, +7¾¢ since last Tuesday.

The past 7 days’ high was $4.90, the low was $4.75½.

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:

  • $1.91¾ below the contract high;

  • $0.90 above the contract low.

USDA’s 2022 crop carryout in terms of days’ use: US 39, world 94.

USDA’s 2023 crop carryout in terms of days’ use: US 56, world 96.

Pricing factors:

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