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, December 12, 2023:
December corn settled on Tuesday at $4.85¼, -5¼¢ since last Tuesday.
The past 7 days’ high was $4.93¾, the low was $4.79¾.
Contract high is $6.85¼ made Apr 27, 2022;
Contract low is $4.70½ made Nov 29, 2023;
Contract range is $2.14¾.
Tuesday’s closing price was $2.00 below the contract high and $0.14¾ above the contract low.
USDA’s 2022/23 crop carryout in terms of days’ use: US 36, world 94.
USDA’s 2023/24 crop carryout in terms of days’ use: US 54, world 95.
Pricing factors: