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 6, 2023:
July corn settled on Tuesday at $6.08, +14¢ from last Tuesday.
December corn settled on Tuesday at $5.41, +15¾¢ since last Tuesday.
The past 7 days’ high was $5.48, the low was $5.11¼.
Contract high is $6.79¼ made Apr 27, 2022;
Contract low is $3.97½ made Dec 15, 2020;
Range is $2.81¾.
Yesterday’s closing price was:
$1.38¼ below the contract high;
$1.43½ above the contract low.
USDA’s 2021 crop carryout in terms of days’ use: US 34, world 94
USDA’s 2022 crop carryout in terms of days’ use: US 38, world 94
Seasonal Trend is up for two more weeks.
Fundamentals are bullish.
Technical Situation is up.
Price Above Breakeven? Probably not on the new crop.