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, February 20, 2024:
March corn settled on Tuesday at $4.18¾, -12¢ since last Tuesday.
The past 7 days’ high was $4.31, the low was $4.14¾.
Contract high is $6.85¼ made April 27, 2022;
Contract low is $4.14¾ made February 20, 2024;
Contract range is $2.70½
Tuesday’s closing price was $2.66½ below the contract high and 4¢ 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 98.
Pricing factors: