Soybeans remain one of the bright spots in the grain markets, while corn and wheat face growing pressure. Martinson Ag Risk Management President Randy Martinson says strong demand and harvest delays continue to support soybean prices. “Even after Friday, we had double-digit losses at one point, but the soybeans were able to come back and gain ground,” said Martinson. “A lot of that is, I think, off of the slow harvest.” Martinson expects additional soybean purchases from China following last week’s holiday. Soybean futures are also trading near contract highs, with strength in soybean meal providing additional support. On the other side, corn faces a more difficult outlook following Friday’s USDA crop production report. Martinson says larger-than-expected production could limit further price gains and basis improvement. “We see a lot more crop out there than they anticipated,” said Martinson. “The key is that we can keep demand moving for corn.” Wheat also remains under pressure. Despite ongoing conflicts in the Black Sea region and the Middle East, Martinson says U.S. wheat has struggled to attract additional export business. Click here to listen to this week’s report.
