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Weekly Summary & Recommendations 9/20/23

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, September 19, 2023:


December corn settled on Tuesday at $4.76¼, -¼¢ since last Tuesday.

The past 7 days’ high was $4.84¾, the low was $4.67¾.


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:

  • $2.03 below the contract high;

  • $0.78¾ above the contract low.


USDA’s 2022 crop carryout in terms of days’ use: US 39, world 94.

USDA’s 2023 crop carryout in terms of days’ use: US 56, world 96.


Pricing factors:

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