December 2022 Corn Price Range Forecast – 07/15/2022

The accompanying scatter studies display the harvest high and low for December corn as a function of the US corn supply minus FSI and exports per GCAU (grain consuming animal units). The data is as expressed by USDA during harvest.  The point for 2022/2023, marked in red as 2022, is based on data from the July WASDE report published on July 12..The studies suggest the current price for December 2022 corn  (7/15/2022) is on the high side (favoring corn market bears) of historical experience assuming USDA’s July new crop supply/demand forecast.  There is still time to move the point to the left (bullish) based on a smaller corn crop, but time will run out in a few weeks as the crop is normally made by early August.

The seasonal harvest price range for December corn (based on price data for the years 1970 through 2021) is $4.75 to $6.35. The seasonal price range is independent from our supply/demand forecast, but it is likely December 2022 corn will follow the seasonal trend barring a major change in the US corn production outlook.