Weekly Summary & Recommendations 8/14/24

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:

https://www.wrightonthemarket.com/post/how-to-decide-when-to-price-grain

Corn

Corn situation after the close Tuesday, August 13, 2024:

September corn settled yesterday at $3.76¼, -12½¢ since last Tuesday.

December corn settled yesterday at $3.95¾, -9½¢ since last Tuesday.

The past 7 days’ high was $4.04¾, the low was $3.90¼..

Contract high is $5.90 made June 17, 2022;

Contract low is $3.90¼ made August 12, 2024;

Contract range is $1.99¾.

Tuesday’s closing price was $1.94¼ below the contract high and 5½¢ above the contract low.

USDA’s 2023/24 crop carryout in terms of days’ use: US 46, world 92.

USDA’s 2024/25 crop carryout in terms of days’ use: US 51, world 93.

Pricing factors:

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