Weekend Market Report
Stay updated on grain markets with AgWeb’s Weekend Market Report by Jerry Gulke, president of the Gulke Group.
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.
Corn prices jumped Friday on rumors that China had taken advantage of a recent price break to secure U.S. corn.
December 12 Corn closed .38 ¾ lower for the week with little explanation.
As harvest is winding down, it is important to have a plan in place to take advantage of any post-harvest rally conditions.
A positive USDA report sent grain prices higher this week.
After the drubbing last week, markets recovered sharply off retracements, especially soybeans and corn, which held their upward trendline, in place since August.
The trend in grain prices has shifted – at least for now. December corn prices were down 21¢ and November soybean prices were down 12.75¢ for the week ending Oct. 30.