Weekend Market Report
Stay updated on grain markets with AgWeb’s Weekend Market Report by Jerry Gulke, president of the Gulke Group.
The March 31 reports from USDA provided the markets with a few surprises. Did they reset the tone for prices moving forward?
Corn prices are above $7.50 per bushel and soybean prices are near or above $16 per bushel. As prices stay elevated, will demand diminish? Time will tell, says Jerry Gulke, president of the Gulke Group.
Price rationing could last at least 15 months, or until the 2023 South American soybean crop is seen as a record.
The world changed quickly over the last days, requiring a reassessment and perhaps “reset” in thinking.
“Exciting times I think are not behind us yet,” says Jerry Gulke, president of the Gulke Group. “Price volatility is going to be extreme from one week to another.”
Last year, prices rallied from January to May, and a repeat certainly is in the cards.
Dry weather in South America, a brewing U.S. acreage battle and global unrest all took grain prices higher for the week.
For the third week of January, the grain markets featured some explosive prices.
After starting 2022 off on the positive side, the grain markets were lower the second week of January.
At best, the CME wheat futures gave a shot over the bow, showing just how quickly market sentiment can change.