Weekend Market Report
Stay updated on grain markets with AgWeb’s Weekend Market Report by Jerry Gulke, president of the Gulke Group.
Jerry Gulke, president of the Gulke Group, says the close in soybeans was bearish as it confirmed a head and shoulders top by taking out the neckline at $11.13 and closing below that chart area
Jerry Gulke, president of the Gulke Group, says soybeans had rallied into the report as the market priced in additional China demand. So, he wasn’t surprised with the reaction,
Jerry Gulke, president of the Gulke Group, says private estimates for national corn yield range from 182 to 186. However, he expects a bearish report because yields may be higher than expected.
Jerry Gulke, president of the Gulke Group, says the reaction in the soybean market following the announced trade framework between the U.S. and China provides important technical clues for future price direction.
Jerry Gulke, president of the Gulke Group, says he hasn’t missed the government data including the October WASDE.
The price action in corn was impressive to Jerry Gulke, president of the Gulke Group, in part because it came during the gut slot of harvest when farmers are gathering a predicted record crop.
Jerry Gulke, president of the Gulke Group, says the trade news was a game changer for the market. After calling an early low in corn and soybeans, he says Friday’s news and trade action has changed his opinion and he has turned bearish.
USDA’s Quarterly Stocks report on Tuesday provided a bearish surprise for the corn market.
Jerry Gulke, president of the Gulke Group, says the market was disappointed soybeans were not part of the U.S. China trade discussion on Friday and as a result he’s altering his soybean marketing strategy.
Jerry Gulke, president of the Gulke Group, says USDA also confirmed record demand at 16.1 billion bu. That estimate struck him as one of the most important parts of the September report.