Weekend Market Report
Stay updated on grain markets with AgWeb’s Weekend Market Report by Jerry Gulke, president of the Gulke Group.
Every story has a beginning and an ending. The soybean story began in August 2020 after two years of a sideways base-building affair.
On Tuesday, Oct. 12, USDA will release its monthly Crop Production and World Agricultural Supply and Demand Estimates. Gulke Group’s Jamie Wasemiller will be watching several factors in that round of report.
The questions of if fundamentals really matter anymore have surfaced recently. A look at price discovery for HRSW gives some insight.
“We are fast running out of gas,” says Jerry Gulke. “If we miss these rains, North Dakota and South Dakota probably deteriorates—North Dakota more so. I will be interested to see what Pro Farmer sees.”
The market seems to have learned from history, and we might witness a repeat.
The Acreage report lit up the grain markets last week, with USDA calling for lower corn and soybean total acres in 2021. Unfortunately, those market fireworks have fizzled.
For the week of May 17, corn was higher and soybeans were down hard along with wheat, meal, canola and soy oil. There has been good opportunities to sell cash and avoid the futures exposure.
May corn prices were up 17.25¢ and May soybean prices were up 0.5¢, for the week ending April 9. May wheat prices were up 28¢.
Global supply and demand are more important than ever. Accurate information is difficult to find, whether it be from NASS or China.
May corn prices were up 6.5¢ and May soybean prices were up 25¢ for the week ending Feb. 26. March wheat prices were up 3.5¢.