Weekly Summary & Recommendations 5/8/24

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:

https://www.wrightonthemarket.com/post/how-to-decide-when-to-price-grain

Corn

Corn situation after the close Tuesday, May 7, 2024:

July corn settled yesterday at $4.67, +27½¢ since last Tuesday.

The past 7 days’ high was $4.72, the low was $4.43¾.

Contract high is $6.84½ made April 28, 2022;

Contract low is $4.08¾ made February 26, 2024;

Contract range is $2.75¾.

Tuesday’s closing price was $2.17½ below the contract high and 58¼¢ above the contract low.

USDA’s 2023/24 crop carryout in terms of days’ use: US 53, world 96.

USDA’s 2024/25 crop carryout in terms of days’ use: US 63.

Pricing factors:

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