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, May 7, 2024:
July corn settled yesterday at $4.67, +27½¢ since last Tuesday.
The past 7 days’ high was $4.72, the low was $4.43¾.
Contract high is $6.84½ made April 28, 2022;
Contract low is $4.08¾ made February 26, 2024;
Contract range is $2.75¾.
Tuesday’s closing price was $2.17½ below the contract high and 58¼¢ above the contract low.
USDA’s 2023/24 crop carryout in terms of days’ use: US 53, world 96.
USDA’s 2024/25 crop carryout in terms of days’ use: US 63.
Pricing factors: