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Weekly Summary & Recommendations 8/23/23

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


Corn situation after the close Tuesday, August 22, 2023:


September corn settled on Tuesday at $4.66½, +2½¢ from last Tuesday.

December corn settled on Tuesday at $4.79½, +4¢ since last Tuesday.

The past 7 days’ high was $5.06¼, the low was $4.73½.

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:

$1.99¾ below the contract high;

$0.82 above the contract low.

USDA’s 2022 crop carryout in terms of days’ use: US 39, world 93.

USDA’s 2023 crop carryout in terms of days’ use: US 56, world 95.

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