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, August 27, 2024:
September corn settled yesterday at $3.67¼, -7¾¢ since last Tuesday.
December corn settled yesterday at $3.92¾, -5¼¢ since last Tuesday.
The past 7 days’ high was $4.00½, the low was $3.85.
Contract high is $5.90 made June 17, 2022;
Contract low is $3.85 made August 26, 2024;
Contract range is $2.05.
Tuesday’s closing price was $1.97¼ below the contract high and 7¾¢ 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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