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 in the report USDA finally rectified the old crop corn carryover figure trimming it by 100 million bushels with an increase in demand.
Corn, soybean and soybean meal futures posted higher weekly closes, but it’s hard to predict how far the grain markets could rally, says Jerry Gulke. “Now it becomes more of an art than a science,” he adds.
Gulke Group president Jerry Gulke explains why he made the last-minute decision to switch 200 acres of corn to soybeans.
Despite being lower for the week, the grain markets all closed higher on Friday and might have been putting in risk premium says Jerry Gulke, president of the Gulke Group.
Commodity and financial markets saw another volatile week. What’s triggering it? Jerry Gulke, president of the Gulke Group points to a couple possible clues.
Markets get overextended and need to equalize, says Jerry Gulke, president of The Gulke Group. “The stock market got too high and is correcting, and grains got too low and might be in the same process,” he explains.
Jerry Gulke, president of The Gulke Group, says even though the quarterly stocks number for corn came in below the trade guess, he thinks it is more bullish than it looks on the surface due to hidden corn disappearance.
Jerry Gulke says he’d like to see another higher weekly close next week to help confirm the bottom is in the soybean market as well as a close above $12. A higher monthly close would be even more convincing.
Gulke has heard the argument that the funds hold a near-record short position in the grain and oilseed complex and will eventually need to exit those positions. However, he says it’s not that simple.
Jerry Gulke, president of the Gulke Group, spoke to a full house at Top Producer Summit this past week. “Producers are finally interested in marketing now that prices have fallen further,” he says.