Due to the holiday season, export sales were delayed and the significant number of cancellations were concerning, says Jamie Wasemiller of the Gulke Group.
“We had a big surprise this week, corn exports were actually down 92% from the previous week … we did see some significant cancellations within there, which sometimes does happen,” Wasemiller says. “It had me concerned and Jerry [Gulke], as well.”
Historically, drops in exports this time of year is not uncommon; however, the drop in corn was staggering this week when compared to last week. Fortunately, it didn’t impact markets much as we ended the week but it could affect the upcoming USDA export numbers on Friday, Jan. 12.
In the soybean market, concerns around South American growing conditions continue, which is currently supportive to bean prices.
Listen to Jamie Wasemiller’s full commentary plus hear his crop insurance recommendations for 2018 on this week’s Weekend Market Report with Pam Fretwell.
Gulke will be the closing keynote speaker at the 2018 Top Producer Seminar, which takes place Jan. 23-26 in Chicago. His presentation, titled, "Looking Beyond Our Backdoor: Today’s Grain Markets" will be moderated by Fretwell and will provide his expert market commentary and insights. Reserve your spot now. Register at www.TopProducerSeminar.com.