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, October 1, 2024:
December corn settled yesterday at $4.29, +17¼¢ since last Tuesday.
The past 7 days’ high was $4.32½, the low was $4.08½.
Contract high is $5.90 (June 17, 2022), low is $3.85 (Aug 26, 2024), range is $2.05.
Tuesday’s closing price was $1.61 below the contract high and 44¢ above the contract low.
USDA’s 2024/25 crop carryout in terms of days’ use: US 50, world 92.
Pricing factors: