Weekend Market Report
Stay updated on grain markets with AgWeb’s Weekend Market Report by Jerry Gulke, president of the Gulke Group.
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¢.
Unprecedented U.S. weather conditions, export numbers and USDA’s Ag Outlook Forum all weighed on prices this week, says Jamie Wasemiller, market analyst with Gulke Group.
A challenging growing season in the U.S. and a turnaround in Chinese demand facilitated a black swan event to change the soybean outlook.
Grain markets have a history of changing direction around a holiday. They sure did after Thanksgiving.
Rarely do we producers have the luxury of making planting decisions based on profit potential—regardless of planting choices.