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 29, 2024:
December corn settled yesterday at $4.13¾, -2¾¢ since last Tuesday.
The past 7 days’ high was $4.24, the low was $4.10.
Tuesday’s closing price was $1.76¼ below the contract high of $5.90 (June 17, 2022) and 28¾¢ above the contract low of $3.85 (Aug 26, 2024).
USDA’s 2024/25 crop carryout in terms of days’ use: US 49, world 91.
Pricing factors: