Corn and soybean futures continue to push higher due to limited supplies. Midwest Market Solutions President Brian Hoops thinks the acreage battle will impact all commodities. “The bidding war for acres will be a supporting feature for spring wheat and winter wheat contracts. As we get into March and April, when decisions are made, there could be a real price depreciation.” Hoops thinks soybeans will need to buy acres. “Soybeans really need to add six to seven million additional acres compared to what was planted last year to rebuild ending stocks. We may see the same thing for corn. When you have tight ending stocks, the market’s job is to increase enough supplies with those ending stocks. We do that by increasing planted acres.”
