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Weekly Summary & Recommendations 2/21/24

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:

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