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Weekly Summary & Recommendations 7/19/23

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 situation after the close Tuesday, July 18, 2023:

September corn settled on Tuesday at $5.28¾, +34¼¢ from last Tuesday.

December corn settled on Tuesday at $5.34½, +33¢ since last Tuesday.

The past 7 days’ high was $5.40¾, the low was $4.81.

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:

$1.44¾ below the contract high;

$1.37 above the contract low.

USDA’s 2022 crop carryout in terms of days’ use: US 37, world 93.

USDA’s 2023 crop carryout in terms of days’ use: US 57, world 95.

Seasonal Trend turned down a month ago.

Fundamentals are unknown, a lot of acres and a lot of uneven corn on very dry subsoil.

Technical Situation is up.

Price Above Breakeven? Not even close.


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