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, March 26, 2024:
May corn settled on Tuesday at $4.32½, -7¢ since last Tuesday.
The past 7 days’ high was $4.45¾, the low was $4.32.
Contract high is $6.84½ made April 27, 2022;
Contract low is $4.08¾ made February 26, 2024;
Contract range is $2.75¾.
Tuesday’s closing price was $2.52 below the contract high and 23¾¢ above the contract low.
USDA’s 2023/24 crop carryout in terms of days’ use: US 54, world 96.
USDA’s 2024/25 crop carryout in terms of days’ use: US 63.
Pricing factors: