Weekend Market Report
Stay updated on grain markets with AgWeb’s Weekend Market Report by Jerry Gulke, president of the Gulke Group.
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.
Jerry Gulke, president of the Gulke Group, says corn was slightly lower for the week but held support. The performance was a victory, considering the large infusion of bearish news the corn market had to absorb.
Gulke says next week’s action in corn futures is important because a continued rally could provide the first buy signal in the corn market in over six months.
Jerry Gulke, president of the Gulke Group, says he was as surprised with USDA’s 188.8 bushel per corn acre yield as anyone, but their demand projections were even more surprising.
New crop corn closed lower for the week and made new contract lows but there was at least one silver lining in the technical action according to Jerry Gulke, president of The Gulke Group.
Jerry Gulke, president of the Gulke Group, says corn made a bullish weekly reversal and that technical action could signal a bottom in the market.
Jerry Gulke, president of the Gulke Group, says grains posted lower weekly closes as the markets were pressured by ideal weather and ideas of higher yields.
Jerry Gulke, president of the Gulke Group, says the grain markets turned this week, not on trade news, but rather on less talked about factors.