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, November 28, 2023:
December corn settled on Tuesday at $4.51½, -18½¢ since last Tuesday.
The past 7 days’ high was $4.73¾, the low was $4.50¼.
Contract high is $6.79¼ made Apr 27, 2022;
Contract low is $3.97½ made Dec 15, 2020;
Range is $2.81¾.
Tuesday’s closing price was $2.27¾ below the contract high and $0.54 above the contract low.
USDA’s 2022/23 crop carryout in terms of days’ use: US 36, world 93.
USDA’s 2023/24 crop carryout in terms of days’ use: US 54, world 95.
Pricing factors: