Weekend Market Report
Stay updated on grain markets with AgWeb’s Weekend Market Report by Jerry Gulke, president of the Gulke Group.
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.
Jerry Gulke, president of the Gulke Group, says some in the market attributed the recovery to short covering but he thinks a some significant trade developments also played a role, as well as the upcoming USDA reports.
Jerry Gulke, president of the Gulke Group, says the news EPA is raising blending mandates for biomass-based diesel above expectations came as a surprise but was positive for farmers and the biofuels industry.
Jerry Gulke, president of the Gulke Group, says the gains were impressive considering the ongoing uncertainty regarding weather, trade and the geopolitical environment.
The grain markets were lower for the week, except for hard red spring wheat. Jerry Gulke, president of the Gulke Group, says he thinks the pressure was largely in response to this week’s surprising trade developments.