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Weekly Summary & Recommendations 6/21/23

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


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.

Conclusion:

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