Weekly Summary & Recommendations 7/6/22
- Wright Team
- Jul 6, 2022
- 2 min read
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, July 5, 2022:
December corn settled on Tuesday at $5.78¾.
Price change Tuesday to Tuesday: down $0.80½.
The past week’s high was $6.62½, the low was $5.71.
Contract high is $7.66¼ made May 16, 2022;
Contract low is $3.69 made June 26, 2020;
Range is $3.97¼.
Yesterday’s closing price is:
$1.87½ below the contract high;
$2.09¾ above the contract low.
USDA’s 2021 crop carryout in terms of days’ use: US: 36, world: 95
USDA’s 2022 crop carryout in terms of days’ use: US: 35, world: 96
Seasonal Trend is down
Fundamentals: Bullish
Technical Situation: Bullish short and long term
Price Above Breakeven? Yes
Conclusion: Sell all 2022 corn on a December HTA at $7.24
This week's Bullish Consensus:
Corn | Grainstats | Wright on the Market |
bullish | 29% | 61% |
neutral | 19% | 17% |
bearish | 51% | 22% |
Soybeans
Soybean situation after the close Tuesday, July 5, 2022:
November Soybeans settled on Tuesday at $13.16.
Price change Tuesday to Tuesday: down $1.46½.
This past week’s high was $15.07¾, the low was $13.04.
Contract high is $15.84¾ on June 10, 2022;
Contract low is $8.81 on August 7, 2020;
Range is $7.03¾.
Tuesday’s closing price is:
$2.68¾ below the contract high;
$4.35 above the contract low.
USDA’s 2021 crop carryout in terms of days’ use: US: 17, world: 86
USDA’s 2022 crop carryout in terms of days’ use: US: 22, world: 97
Seasonal Trend is up through next week
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 | 16% | 65% |
neutral | 28% | 24% |
bearish | 56% | 12% |
Wheat
Wheat situation after the close Tuesday, July 5, 2022:
July 2023 KC Hard Red Winter Wheat settled on Tuesday at $8.61¾.
Price change Tuesday to Tuesday: down $0.99¾.
Last week’s high was $9.80½, the low was $8.58¾.
Contract high is $12.10 on May 19, 2022;
Contract low is $4.94 on August 4, 2020;
Range is $7.16.
Tuesday closing price is:
$3.48¼ below the contract high;
$3.67¾ above the contract 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: 121, world: 124
Seasonal Trend is down
Fundamentals outlook is bearish
Technical Situation is down
Price Above Breakeven? Yes.
Conclusion: Sell 2023 July KC on a HTA at $9.98 or higher or buy put option
Previously recommended sell at $8.35, filled March 21st
This week's Bullish Consensus:
Wheat | Grainstats | Wright on the Market |
bullish | 26% | 70% |
neutral | 19% | 10% |
bearish | 54% | 20% |
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