Soybean prices topped $11 this past week. Zaner Ag Hedge Chief Market Strategist Ted Seifried said these price levels haven’t been seen in four-and-a-half years. “Psychologically, it is a thing. From the technical perspective, $11 didn’t mean a whole lot, but it’s nice to see the market close up and over it. I think we’ll keep going higher.” Seifried said the weather forecast for South America crops and good export sales have been positive. There is also a possibility for the U.S. to run out of soybeans. “The soybeans are in the process of price rationing. We need to slow down export demand. We have slowed down sales to China to some extent, but have we slowed the train down enough to keep us from running out of soybeans? I’m not sure we have. I don’t think we’re out of the woods when it comes to outside market risk.”
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