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Weekly Summary & Recommendations 6/8/22

Summary & recommendations for corn, soybeans and wheat this week.



Corn


Corn situation after the close Tuesday, June 7th, 2022:

December corn settled Tuesday at $7.14.

Price Change Tuesday to Tuesday: up $0.02½.

The past week’s high was $7.20¼, the low was $6.82.

24-month high $7.66¼ made May 16, 2022;

24-month low $3.69 made June 26, 2020;

24-month range is $3.97¼.

Yesterday’s closing price is:

$0.52¼ below the 24-month high;

$3.45 above the 24-month low.

USDA’s 2021 crop carryout in terms of days’ use: US: 31, world: 90

USDA’s 2022 crop carryout in terms of days’ use: US: 37, world: 90

Seasonal Trend is up into third week of June

Fundamentals: With normal weather, the top has been made but will be tested before July 5th

Technical Situation: Sideways

Price Above Breakeven? Yes

Conclusion: Sell all 2022 corn on a December HTA at $7.50, wait to buy puts


This week's Bullish Consensus:

Corn

Grainstats

Wright on the Market

bullish

52%

50%

neutral

23%

40%

bearish

29%

10%


 

Soybeans


Soybean situation after the close Tuesday, June 7th, 2022:

November Soybeans settled Tuesday at $15.49¾.

Price Change Tuesday to Tuesday: up $0.40¼.

This past week’s high was $15.64½, the low was $15.03¼.

24-month high $15.64½ on June 8, 2022;

24-month low $8.81 on August 7, 2020;

24-month range is $6.83½.

Tuesday’s closing price is:

$0.14¾ below the 24-month high;

$6.68¾ above the 24-month low.

USDA’s 2021 crop carryout in terms of days’ use: US: 10, world: 86

USDA’s 2022 crop carryout in terms of days’ use: US: 12, world: 87

Seasonal Trend is up

Fundamentals are Bullish

Technical Situation is Bullish

Price Above Breakeven? Yes

Conclusion: Don’t Sell

This week's Bullish Consensus:

Soybeans

Grainstats

Wright on the Market

bullish

39%

70%

neutral

33%

30%

bearish

28%

0%


 

Wheat


Wheat situation after the close Tuesday, June 7th, 2022:

July KC Hard Red Winter Wheat settled Tuesday at $11.49¼.

Price Change Tuesday to Tuesday: down $0.16¼.

Last week’s high was $11.84¾, the low was $11.12½.

24-month high is $13.79¼ on May 17, 2022;

24-month low is $5.03¼ on August 24th, 2020;

24-month range is $8.76.

Tuesday closing price is:

$2.30 below the 24-month high;

$6.46 above the 24-month low.

USDA’s 2021 crop carryout in terms of days’ use: US: 124, world: 129

USDA’s 2022 crop carryout in terms of days’ use: US: 120, world: 124

Seasonal Trend is down

Fundamentals outlook is bearish

Technical Situation is down short term, up long term

Price Above Breakeven? Yes.

Conclusion: Sell 2022 HTA July at $12.08 or higher, get it sold;

Sell 2023 HTA KC July wheat $8.35, filled March 21st, get it sold


This week's Bullish Consensus:

Wheat

Grainstats

Wright on the Market

bullish

50%

25%

neutral

32%

13%

bearish

18%

63%


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