Grain market summary of price outlook, seasonal situation, fundamental & technical analysis with our recommendations for corn, soybeans and wheat for past week Wednesday to Tuesday.
Corn
Corn situation after the close Tuesday, June 28th, 2022:
December corn settled Tuesday at $6.59¼.
Price Change Tuesday to Tuesday: down $0.42¼.
The past week’s high was $7.05½, the low was $6.44¼.
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:
$1.07 below the 24-month high;
$2.90¼ 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
Fundamentals: With normal weather, the top has been made
Technical Situation: Sideways short and long term
Price Above Breakeven? Yes
Conclusion: We recommended sales May 12 and 13 in the $7.50 area; contract high made the 16th. Sell all 2022 corn on a December HTA at $7.49.
This week's Bullish Consensus:
Corn | Grainstats | Wright on the Market |
bullish | 53% | 45% |
neutral | 25% | 32% |
bearish | 22% | 23% |
Soybeans
Soybean situation after the close Tuesday, June 28th, 2022:
November Soybeans settled Tuesday at $14.62½.
Price Change Tuesday to Tuesday: down $0.48.
This past week’s high was $15.15½, the low was $13.99½.
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:
$1.22¼ below the 24-month high;
$5.81½ 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 for three more weeks
Fundamentals are Bullish
Technical Situation is Bullish (over sold, long term trend is still up, made a double bottom this past week)
Price Above Breakeven? Yes
Conclusion: Don’t Sell
This week's Bullish Consensus:
Soybeans | Grainstats | Wright on the Market |
bullish | 51% | 53% |
neutral | 29% | 23% |
bearish | 20% | 24% |
Wheat
Wheat situation after the close Tuesday, June 28th, 2022:
July KC Hard Red Winter Wheat settled Tuesday at $9.83¾.
Price Change Tuesday to Tuesday: down $0.57½.
Last week’s high was $10.66, the low was $9.71½.
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:
$3.95½ below the 24-month high;
$4.80½ 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
Price Above Breakeven? Yes.
Conclusion: We recommended a sale at $12.08 on March 7th. Sell 2022 wheat higher, get it sold
Sell 2023 HTA KC July wheat $8.35, filled March 21st, get it sold
This week's Bullish Consensus:
Wheat | Grainstats | Wright on the Market |
bullish | 51% | 59% |
neutral | 27% | 2% |
bearish | 22% | 39% |
