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
Corn situation after the close Tuesday, July 16, 2024:
September corn settled yesterday at $3.95¾, +1¾¢ since last Tuesday.
December corn settled yesterday at $4.08¾, +¼¢ since last Tuesday.
The past 7 days’ high was $4.16½, the low was $4.03.
Contract high is $5.90 made June 17, 2022;
Contract low is $4.03 made July 12, 2024;
Contract range is $1.87.
Tuesday’s closing price was $1.81¼ below the contract high and 5¾¢ above the contract low.
USDA’s 2023/24 crop carryout in terms of days’ use: US 46, world 93.
USDA’s 2024/25 crop carryout in terms of days’ use: US 51, world 93.
Pricing factors: