Weekend Market Report
Stay updated on grain markets with AgWeb’s Weekend Market Report by Jerry Gulke, president of the Gulke Group.
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.
One of the main ingredients for the competitiveness of ag products is the currency relationship between the seller and the buyer.
December corn prices were up 7.5¢ and November soybean prices were down 15.25¢ for the week ending Oct. 16. December wheat prices were up 33¢.
The October USDA reports delivered a few surprises and price gifts. December corn prices were up 15.25¢ and November soybean prices were up 45¢ for the week ending Oct. 9.
Corn and soybean prices normally dive during harvest. This year, that’s not been the case.