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.
Corn
Corn situation after the close Tuesday, September 26, 2023:
December corn settled on Tuesday at $4.79¾, +3½¢ since last Tuesday.
The past 7 days’ high was $4.83½, the low was $4.73¾.
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:
$1.99½ below the contract high;
$0.82¼ above the contract low.
USDA’s 2022 crop carryout in terms of days’ use: US 39, world 94.
USDA’s 2023 crop carryout in terms of days’ use: US 56, world 96.
Pricing factors: