Grain market summary of price outlook, seasonal situation, fundamental & technical analysis with our recommendations for corn, soybeans and wheat for past week Wednesday to Tuesday.
Corn situation after the close Tuesday, June 20, 2023:
July corn settled on Tuesday at $6.43¾, +31¼¢ from last Tuesday.
December corn settled on Tuesday at $5.97½, +50½¢ since last Tuesday.
The past 7 days’ high was $6.09, the low was $5.42½.
Contract high is $6.79¼ made Apr 27, 2022;
Contract low is $3.97½ made Dec 15, 2020;
Range is $2.81¾.
Yesterday’s closing price was:
$0.81¾ below the contract high;
$2 above the contract low.
USDA’s 2022 crop carryout in terms of days’ use: US 39, world 93
USDA’s 2023 crop carryout in terms of days’ use: US 57, world 95
Seasonal Trend turns down this week.
Fundamentals are bullish.
Technical Situation is up.
Price Above Breakeven? Probably not on the new crop.