Weekend Market Report
Stay updated on grain markets with AgWeb’s Weekend Market Report by Jerry Gulke, president of the Gulke Group.
Corn futures scored a bearish lower weekly close for a second week and are now around 30 cents off the highs the market hit during the Iran war.
Jerry Gulke president of the Gulke Group says when a market reacts negatively to positive news that’s not a good sign.
Jerry Gulke, president of the Gulke Group, says the rally in crude oil is about global energy security but it has benefited the grain markets.
Jerry Gulke, president of the Gulke Group, says the recent strength in the corn market is not a result of the Iran war or higher corn prices, but a paradigm shift that happened 18 months ago.
Jerry Gulke, president of the Gulke Group, says while many analysts are pointing to the rally in crude oil and the war in Iran as the reason for the strong grain performance, he thinks the breakout was brewing long before that.
Many will attribute last week’s corn market rally to the cold weather and slowing grain movement from truck to barge. However, Jerry Gulke says the corn market has technically looked good for a while.
Jerry Gulke, president of The Gulke Group, says the report provided some valuable lessons about marketing.
As he awaits official per-acre payment rates from USDA, Jerry Gulke is leaning toward soybeans versus corn, saying the estimated $46-per-acre corn payment is woefully inadequate and “like a bridge to nowhere.”
Jerry Gulke, president of the Gulke Group, says the bearish lower weekly closes for a second week confirms the top is in the soybean market.