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Weekly Summary & Recommendations 6/7/23

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 6, 2023:


July corn settled on Tuesday at $6.08, +14¢ from last Tuesday.

December corn settled on Tuesday at $5.41, +15¾¢ since last Tuesday.

The past 7 days’ high was $5.48, the low was $5.11¼.


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:

$1.38¼ below the contract high;

$1.43½ above the contract low.

USDA’s 2021 crop carryout in terms of days’ use: US 34, world 94

USDA’s 2022 crop carryout in terms of days’ use: US 38, world 94

Seasonal Trend is up for two more weeks.

Fundamentals are bullish.

Technical Situation is up.

Price Above Breakeven? Probably not on the new crop.

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