Jerry Gulke on Wheat's Nine Lives

May 16, 2015 01:00 AM
Jerry Gulke on Wheat's Nine Lives

Never doubt the power of weather to move the market.

At the beginning of this week, “wheat was kinda a ho-hum thing because there wasn’t any good news or bad news” for the crop in Tuesday’s USDA numbers, according to Jerry Gulke, president of the Gulke Group in Chicago and a farmer in Illinois.

“Since then, wheat of course took off and went up--strongly—yesterday on news that there might be some wheat that got killed in the frost” and that more of the crop might be at risk, according to Gulke,

“It was 29 degrees north of Minot, North Dakota this morning where my son-in-law and daughter farm,” Gulke said. “That doesn’t bode well. … Wheat has nine lives, but the market certainly got concerned.”

Listen to Gulke's comments on wheat, weather, and Informa's increase in soybean acreage estimates here:

Those weather concerns translated into a 28-cent gain for wheat for the week.

Will something similar happen with other crops? Maybe. 

“A lot of traders think that’s a precursor for what could happen to corn,” said Gulke, pointing out that much is still unknown about corn in terms of planted acreage and yield.

“The market still has, I think, a little uncertainty, and that’s good for us,” he said. “At least it stopped us from going down, and maybe we’ll have a better handle on our yield when the market finally decides it either wants to head back down or not.”

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Spell Check

5/18/2015 05:08 AM

  It's very interesting to listen farmers every year about weather. When it's raining they wory about it when it is not raining they wory about it too :) What about market? Come on last week even it was topic El-nino which was totaly created to speculate on small players market likes mood of farmers even use of it.

North Central Oregon, OR
5/16/2015 07:26 PM

  Wheat here in North Central Oregon is going downhill fast. Dry conditions over the last 3 months (.38" March, .24" April, .18" so far in May) have left us with fields turning every color but what they should be. Shades of Brown and blue are the unfortunate colors of too many acres of wheat in my area. Shallower soil started turning a few weeks ago, over the past few days the deeper soils are showing considerable signs of stress. Need a good soaking rain to save us from our freefall in yield but there doesn't seem to be any sign of that in the next several days. This is primarily a Soft White Wheat growing area. Wheat will be heading in the next 5-10 days.

Tulia, TX
5/16/2015 10:04 AM

  Our area is looking at a very good wheat crop, but continually wet conditions are putting it at risk from disease as well as hail. Row crop planting is at a standstill. We have yet to put any corn in the ground.


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