Weekend Market Report
Stay updated on grain markets with AgWeb’s Weekend Market Report by Jerry Gulke, president of the Gulke Group.
Look for corn to continue to gain on wheat over the next several weeks.
The next 30 days should hold excellent opportunity to sweep out some old crop inventory and advance sales for this summer’s crop.
This week’s reports removed the focus on tight supplies and sent prices lower. Weather trouble here or abroad could still move prices back up.
Even though the May corn contract closed down 13 cents/bu. Friday, the price is still nearly a dollar higher than it was just 10 trading days ago, says Jerry Gulke, president of the Gulke Group.
Bull spreads in the corn market got too wide this week, says Jerry Gulke.
The grain markets were in a tug of war this week between declining yield ideas in corn and late week economic concerns.
Following Thursday’s USDA reports, the market was full of action. Jerry Gulke says Friday was a wild trading day and that farmers are feeling the lure of $8 corn.
Corn, soybeans and wheat prices dropped like a rock this week, capped off by a WASDE report with no positive news.
In light of low prices, producers might be best served by using existing bins or building new ones for corn, capturing local basis and turning storage into a cash cow in 2018, says Jerry Gulke of the Gulke Group.
The corn and wheat markets saw a weaker trade for the week as May corn closed nearly $.30 lower, while the wheat market slipped $.15 lower.