Hematopoiesis is a complex biological process that leads to the production and regulation of blood cells. It is based upon differentiation of stem cells under the action of growth factors. A mathematical approach of this process is proposed to carry out explanation on some blood diseases, characterized by oscillations in circulating blood cells. A system of three differential equations with delay, corresponding to the cell cycle duration, is analyzed. The existence of a Hopf bifurcation for a positive steady-state is obtained through the study of an exponential polynomial characteristic equation with delay-dependent coefficients. Numerical simulations show that long period oscillations can be obtained in this model, corresponding to a destabilization of the feedback regulation between blood cells and growth factors. This stresses the localization of periodic hematological diseases in the feedback loop.