During the overnight trade, April soybean futures topped $15 per bushel. “The fundamentals have kicked in and the lack of soybeans and the hot cash basis is being reflected in the Chicago Board of Trade soybean futures,” said Tommy Grisafi, risk management advisor, Advance Trading. With soybean inventories this low, the question becomes how does the industry get through May, June, July and August before new-crop beans come in. The cold weather in the United States is also slowing the planting pace, bringing more bullish enthusiasm to the markets. Corn and wheat also gained ground overnight. Caution is still warranted. “Markets are allowed to go down. When they want in, they want in and when they want out, it gets to be very aggressive to the downside.”
Subscribe to RRFN
Get a weekly digest from RRFN to stay up-to-date on all the latest news in agriculture.