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 27, 2024:
March corn settled on Tuesday at $4.08¼, -10½¢ since last Tuesday.
The past 7 days’ high was $4.19½, the low was $3.94½.
Contract high is $6.85¼ made April 27, 2022;
Contract low is $3.94½ made February 26, 2024;
Contract range is $2.90¾.
Tuesday’s closing price was $2.77 below the contract high and 13¾¢ above the contract low.
USDA’s 2023/24 crop carryout in terms of days’ use: US 54, world 98.
Pricing factors: