The current heat wave that’s descended on key grain production areas in the Great Plains and Midwest may not be over yet – but is the related ‘drought rally’ about to wrap up? Jerry Gulke, president of the Gulke Group, thinks that’s certainly a possibility.
“Market psychology is just as important sometimes as the weather itself,” he says.
The weather forecast for the next ten days does appear to be more forgiving with less extreme heat, Gulke adds. If that is indeed the case, that gets many places past pollination and marching onward toward harvest, he says.
Furthermore, it’ll take “some big states to have a problem” to counteract the boost in U.S. supplies reported in the June 30 USDA stocks report, plus a larger-than-expected South American crop now being reported, Gulke says. USDA tallied corn stocks about 230 million bushels more than the average pre-report guesses.
What are some key events farmers should watch for next? Gulke shares his thoughts with Farm Journal Radio’s Pam Fretwell.