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, July 18, 2023:
September corn settled on Tuesday at $5.28¾, +34¼¢ from last Tuesday.
December corn settled on Tuesday at $5.34½, +33¢ since last Tuesday.
The past 7 days’ high was $5.40¾, the low was $4.81.
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:
$1.44¾ below the contract high;
$1.37 above the contract low.
USDA’s 2022 crop carryout in terms of days’ use: US 37, world 93.
USDA’s 2023 crop carryout in terms of days’ use: US 57, world 95.
Seasonal Trend turned down a month ago.
Fundamentals are unknown, a lot of acres and a lot of uneven corn on very dry subsoil.
Technical Situation is up.
Price Above Breakeven? Not even close.
Conclusion: