Weekly Summary & Recommendations 11/16/22
- Wright Team
- Nov 16, 2022
- 2 min read
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, November 15, 2022:
December corn settled on Tuesday at $6.66¾.
Price change Tuesday to Tuesday: up $0.01¼.
The past week’s high was $6.75, the low was $6.51¼.
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:
$0.99½ below the contract high;
$2.97¾ 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: 93
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 on May 13, 2022 pricing all 2021 and 2022 crop corn your nerves could stand when December corn was $7.50+. All those orders were filled by May 16th.
This week's Bullish Consensus
And Seasonal Chart
Soybeans
Soybean situation after the close Tuesday, November 15, 2022:
January 2023 Soybeans settled on Tuesday at $14.57¼.
Price change Tuesday to Tuesday: up $0.10¾.
This past week’s high was $14.64¾, the low was $14.20½.
Contract high is $15.87¾ on June 9, 2022;
Contract low is $9.71¾ on December 2, 2020;
Range is $6.16.
Tuesday’s closing price is:
$1.30½ below the contract high;
$4.85½ above the contract low.
USDA’s 2021 crop carryout in terms of days’ use: US: 22, world: 95
USDA’s 2022 crop carryout in terms of days’ use: US: 18, world: 98
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, November 15, 2022:
July 2023 KC Hard Red Winter Wheat settled on Tuesday at $9.37.
Price change Tuesday to Tuesday: up $0.06½.
Last week’s high was $9.49, the low was $9.04½.
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:
$2.73 below the contract high;
$4.43 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: 112, 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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