Even if farmers weren’t able to get into the field this week, they did get to watch prices increase. Jerry Gulke provides his take on the week.
Overall, the week was a positive one for corn, soybeans and wheat prices. All ended at least a nickel higher -- soybeans were nearly 60 cents higher.
"May ended up the month on Friday, pretty close to the highs made in April and March," says Jerry Gulke, president of the Gulke Group.
But, that surge in prices came at the expense of some pretty undesirable planting weather. Many farmers weren’t able to get anything planted this week, which followed last week’s slow progress. As of May 26, 86% of the corn crop has been planted, according to USDA, which was only a 15-percentage-point jump from the previous week.
The good news, Gulke says, is that nearly 90% of the corn crop is in the ground. "I think that corn will be in a position to be average or above-average in yields."
He believes the markets will be in a state of flux for the month of June, until the government comes out with a revised planted acreage report on June 28.
Hear Gulke's full audio analysis:
Continued Weather Focus
Gulke says that if the weather forecast at the beginning of next week calls for more wet weather, prices could continue to move higher.
Here’s USDA’s Ag Weather forecast:
A slow-moving storm system currently centered over the upper Midwest will drift eastward across the nation’s northern tier, reaching the Great Lakes region by Sunday. As the storm moves eastward, heavy rain will slowly subside across the northern Plains and western Corn Belt, although lowland flooding will persist for several days.
Cooler air will trail the cold front across the Plains and Midwest. During the weekend, heat will build in the Pacific Coast States and quickly spread eastward, reaching the southern High Plains early next week.