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, January 23, 2024:
March corn settled on Tuesday at $4.46½, +3¢ since last Tuesday.
The past 7 days’ high was $4.50½, the low was $4.36¾.
Contract high is $6.85¼ made April 27, 2022;
Contract low is $4.36¾ made January 18, 2024;
Contract range is $2.48½.
Tuesday’s closing price was $2.38¾ below the contract high and $0.09¾ above the contract low.
USDA’s 2022/23 crop carryout in terms of days’ use: US 36, world 94.
USDA’s 2023/24 crop carryout in terms of days’ use: US 54, world 98.
Pricing factors: