Top Third Ag Marketing market analyst Ed Duggan says the resiliency of the grain market has been pretty impressive. “These markets are like plastic tumblers, they’re unbreakable. China may be washing out purchases of soybeans, but the markets are handling it well. At this time, wheat is the weakest right now. It’s got the biggest carryout. Soybean stocks remain tight.” Duggan says there is always a down-side risk. “We’re getting into old crop prices where farmers can make a quick buck. New crop cash beans are around $10 and I don’t know if that’s a bad place to start marketing beans. We’ve been slow here, but on any rally, we’re looking to let go of a bit more to take risk off the table.”
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