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 31, 2023:
December corn settled on Tuesday at $4.78¾, -5¼¢ since last Tuesday.
The past 7 days’ high was $4.86, the low was $4.76¾.
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:
$2.00½ below the contract high;
$0.81¼ 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: