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 6, 2024:
September corn settled yesterday at $3.88¾, steady since last Tuesday.
December corn settled yesterday at $4.05¼, +¼¢ since last Tuesday.
The past 7 days’ high was $4.09, the low was $3.95.
Contract high is $5.90 made June 17, 2022;
Contract low is $3.95 made August 1, 2024;
Contract range is $1.95.
Tuesday’s closing price was $1.84¾ below the contract high and 10¼¢ above the contract low.
USDA’s 2023/24 crop carryout in terms of days’ use: US 46, world 93.
USDA’s 2024/25 crop carryout in terms of days’ use: US 51, world 93.
Pricing factors: