Corn Situation After the Close Tuesday, January 18th, 2022: March Corn Settled Yesterday at $5.99¼ Price Change Tuesday to Tuesday: down 1¾ cents 19-month high $6.40½ May 7, 2021 19-month low $3.67 June 26, 2020 19-month range is $2.73½ Yesterday’s closing price is: 41¼ cents below the 19-month high $2.32¼ above the 19-month low USDA's 2020 crop carryout in terms of days’ use: US: 30, world: 94 USDA's 2021 crop carryout in terms of days’ use: US: 38, world: 92
Seasonal Trend is Up Fundamentals are Bullish Technical Situation is Bullish Price Above Breakeven? Yes Conclusion: Lock-in futures when March corn trades above $6.22 to establish a floor; be ready to buy puts in the spring The past week’s low was $5.85¼; high was $6.04
This week's Bullish Consensus: 38% bullish 19% bearish 39% neutral 4% no opinion
Soybean Situation After the Close Tuesday, January 18th, 2022:
March Soybeans Settled at $13.61¼.
Price Change Tuesday to Tuesday: down 24¼ cents
19-month high $14.455 June 7, 2021
19-month low $8.95 August 24, 2020
19 Month Range is $5.50½
Tuesday’s closing price is:
84¼ cents below the 19-month high
$4.66¼ above the 19-month low
USDA's 2020 crop carryout in terms of days’ use: US: 21, world: 100
USDA's 2021 crop carryout in terms of days’ use: US: 29, world: 93
Seasonal Trend is down until Feb 10, then up into 2nd week in July
Fundamentals are Bullish
Technical Situation sideways short term, long term bullish
Price Above Breakeven? Yes
Conclusion: Lock-in futures when March trades to $14.78, one cent under the January soybean futures contract high
This past week’s low was $13.49¾, high was $14.01
This week's Bullish Consensus:
31% bullish
33% bearish
29% neutral
7% no opinion
Wheat Situation After the Close Tuesday, January 18th, 2022:
July CBOT Wheat Settled at $7.59½
Price Change Tuesday to Tuesday: down 9¾ cents
19-month high: $8.63 November 24th, 2021
19-month low $5.16½ May 18, 2020
19-month range is $3.46½
Tuesday’s closing price is:
$1.03½ cents below the 19-month high
$2.43 above the 19-month low
2020 crop carryout in terms of days’ use: US: 146, world: 135
2021 crop carryout in terms of days’ use: US: 117, world: 130
Seasonal Trend is up short term, down log term
Fundamentals: pretty iffy…
Technical Situation is up short term, down long term
Price Above Breakeven? Yes
Conclusion: Lock-in futures $7.97 but no later than 10 March
Last week’s low was $7.36, the high was $7.69
This week's Bullish Consensus:
36% bullish
16% bearish
41% neutral
7% no opinion
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