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Weekly Summary & Recommendations 6/19/24

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 situation after the close Tuesday, June 18, 2024:

July corn settled yesterday at $4.50, +½¢.

December corn settled yesterday at $4.67¾, +2½¢ since last Tuesday.

The past 7 days’ high was $4.78, the low was $4.62¼.

Contract high is $5.90 made June 17, 2022;

Contract low is $4.46 made February 26, 2024;

Contract range is $1.44.

Tuesday’s closing price was $1.22¼ below the contract high and 21¾¢ above the contract low.

USDA’s 2023/24 crop carryout in terms of days’ use: US 50, world 94.

USDA’s 2024/25 crop carryout in terms of days’ use: US 52, world 93.

Pricing factors:

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