Summary & recommendations for corn, soybeans and wheat this week.
Corn
Corn situation after the close Tuesday, June 21th, 2022:
December corn settled Tuesday at $7.01½.
Price Change Tuesday to Tuesday: down $0.19¾.
The past week’s high was $7.49¼, the low was $6.90½.
24-month high $7.66¼ made May 16, 2022;
24-month low $3.69 made June 26, 2020;
24-month range is $3.97¼.
Yesterday’s closing price is:
$0.64¾ below the 24-month high;
$3.32¼ above the 24-month low.
USDA’s 2021 crop carryout in terms of days’ use: US: 36, world: 95
USDA’s 2022 crop carryout in terms of days’ use: US: 35, world: 96
Seasonal Trend is down from June 21st (yesterday)
Fundamentals: Bullish given the weather forecast
Technical Situation: Bullish
Price Above Breakeven? Yes
Conclusion: Sell all 2022 corn on a December HTA at $7.50
This week's Bullish Consensus:
Corn | Grainstats | Wright on the Market |
bullish | 43% | 42% |
neutral | 22% | 37% |
bearish | 34% | 21% |
Soybeans
Soybean situation after the close Tuesday, June 21th, 2022:
November Soybeans settled Tuesday at $15.10½.
Price Change Tuesday to Tuesday: down $0.14¾.
This past week’s high was $15.56¾, the low was $15.06.
24-month high $15.84¾ on June 10, 2022;
24-month low $8.81 on August 7, 2020;
24-month range is $7.03¾.
Tuesday’s closing price is:
$0.74¼ below the 24-month high;
$6.29½ above the 24-month low.
USDA’s 2021 crop carryout in terms of days’ use: US: 17, world: 86
USDA’s 2022 crop carryout in terms of days’ use: US: 22, world: 97
Seasonal Trend is up until July 14th
Fundamentals are Bullish
Technical Situation is Bullish
Price Above Breakeven? Yes
Conclusion: Don’t Sell
This week's Bullish Consensus:
Soybeans | Grainstats | Wright on the Market |
bullish | 40% | 47% |
neutral | 31% | 42% |
bearish | 26% | 11% |
Wheat
Wheat situation after the close Tuesday, June 21th, 2022:
July KC Hard Red Winter Wheat settled Tuesday at $10.41¼.
Price Change Tuesday to Tuesday: down $1.01.
Last week’s high was $11.59½, the low was $10.37.
24-month high is $13.79¼ on May 17, 2022;
24-month low is $5.03¼ on August 24th, 2020;
24-month range is $8.76.
Tuesday closing price is:
$3.38 below the 24-month high;
$5.38 above the 24-month low.
USDA’s 2021 crop carryout in terms of days’ use: US: 124, world: 129
USDA’s 2022 crop carryout in terms of days’ use: US: 121, world: 124
Seasonal Trend is down
Fundamentals Outlook is bearish
Technical Situation is down, but oversold
Price Above Breakeven? Yes.
Conclusion: Sell 2022 wheat now at the market, same as last week when the market was a dollar higher
This week's Bullish Consensus:
Wheat | Grainstats | Wright on the Market |
bullish | 30% | 43% |
neutral | 25% | 7% |
bearish | 43% | 50% |
