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:
Corn
Corn situation after the close Tuesday, July 2, 2024:
September corn settled yesterday at $4.08, -23¾¢ since last Tuesday.
December corn settled yesterday at $4.21¼, -21¾¢ since last Tuesday.
The past 7 days’ high was $4.47, the low was $4.12.
Contract high is $5.90 made June 17, 2022;
Contract low is $4.12 made June 28, 2024;
Contract range is $1.78.
Tuesday’s closing price was $1.68¾ below the contract high and 9¼¢ above the contract low.
USDA’s 2023/24 crop carryout in terms of days’ use: US 50, world 94.
USDA’s 2024/25 crop carryout in terms of days’ use: US 52, world 93.
Pricing factors: