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Weekly Summary & Recommendations 7/31/24

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 30, 2024:


September corn settled yesterday at $3.88¾, -13¾¢ since last Tuesday.


December corn settled yesterday at $4.05, -12¼¢ since last Tuesday.

The past 7 days’ high was $4.23¾, the low was $4.04.


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 $1.85 below the contract high and 2¢ 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:

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