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), fuel, fertilizers for past week Wednesday to Tuesday.
Explanation of our approach:
Corn
Corn situation after the close Tuesday, October 15, 2024:
December corn settled yesterday at $4.01¼, -21¢ since last Tuesday.
The past 7 days’ high was $4.24, the low was $4.00½.
Contract high is $5.90 (June 17, 2022), low is $3.85 (Aug 26, 2024), range is $2.05.
Tuesday’s closing price was $1.88¾ below the contract high and 16¼¢ above the contract low.
USDA’s 2024/25 crop carryout in terms of days’ use: US 49, world 91.
Pricing factors: