Weekend Market Report
Stay updated on grain markets with AgWeb’s Weekend Market Report by Jerry Gulke, president of the Gulke Group.
Is it possible the wheat market is finally seeing the same paradigm shift that’s already taken place in the corn market? Jerry Gulke is watching several signals for an answer, including speculator activity in the wheat market.
Jerry Gulke, president of the Gulke Group, says grains took a pause Friday in preparation for the February WASDE but is in the critical price discovery process before planting.
Jerry Gulke, president of the Gulke Group, says corn and soybeans posted lower weekly closes, which was the first time in several weeks for corn. So is the bull market in corn over?
Corn, soybeans and wheat all closed higher for the week in the face of heightened uncertainty. Jerry Gulke, president of the Gulke Group, says to him that kind of resilience is an underlying sign of a bull market.
Jerry Gulke, president of the Gulke Group, says the strength in corn can pull the soybean markets and maybe even wheat higher for a handful of fundamental reasons.
Jerry Gulke, president of the Gulke Group, says as of Friday’s report, USDA has dropped corn ending stocks nearly 1 billion bushels from their initial estimate during the February 2024 Ag Outlook Forum when the agency projected carryout at 2.532 billion bushels based on trend-line yield.
Jerry Gulke, president of the Gulke Group, says the weekly continuation chart corn is trading above the October high, the 50-day and the 200-day moving average. “The chart is telling us to have a little patience in this uptrending market,” he adds.
Jerry Gulke, president of the Gulke Group, says after the 200 million bushel cut to corn ending stocks in the December WASDE he wonders if USDA is preparing the marketplace for more of the same in the final January report?
The first full week of trading in December can be enlightening and Gulke Group president Jerry Gulke says this year is no exception, especially after the 2024 election. However, he thinks the bulk of the bearish news may be priced into the corn market.
Jerry Gulke, president of the Gulke Group, says the election might have brought about a paradigm shift in the approach to agricultural policies.