After a general negative consensus from market experts at the Top Producer Summit, things turned around late Thursday morning. Around 11:30 Thursday morning, soybeans surprised a lot of people after they “exploded” higher taking corn and wheat with it.
“I guess exploded to me means we’re up a dime or so,” explains Jerry Gulke, president of the Gulke Group.
With rumors about Brazil’s weather and China’s tariffs circulating—plus a lack of federal data due to the partial shutdown—it’s hard to tell if this rally can be attributed to the rumor mill or if it’s a matter of continued volatility. There is a consensus among analysts, Gulke says, we do have some problems out there as we sit on too many beans.
Rumors and innuendo seem to be a bigger part of the market now and Gulke admits it needs to be looked at but at the end of the day, Mother Nature will beat us at our own game. Weather is going to be the mover for this market.
While at the Summit, Gulke also had a chance to discuss planting intentions with attendees and it doesn’t seem farmers are looking at any acreage shifts this year.
“I have not found, this year yet, anybody out there that’s going to make a major switch,” he says.
Given, the Gulke Group has not taken their annual client survey yet to put any real numbers on this but of the people he’s talked to, no one seems to have acreage shifts on their mind.
Listen to Jerry Gulke’s full commentary on this week’s Weekend Market Report.
Watch the live taping of U.S. Farm Report from the Top Producer Summit.
Catch all Jerry Gulke's comments and commentary at AgWeb.com/Gulke.