Take advantage of soybean markets
A grain analyst says now is a good time to take advantage of opportunities in the soybean market.
Angie Setzer with Michigan-based Citizens Elevator tells Brownfield last week the USDA lowered production expectations for Argentina’s soybean crop and recent rains in Mato Grosso have some traders expecting slight reductions in Brazil as well. She says while most trade is currently range bound this week, there is opportunity to market old crop soybeans. “It definitely doesn’t hurt to take a look at selling $10 plus beans for old crop, especially since most of them were planted with the hopes for $8.50 or $9 in mind due to the depressed prices we saw last spring.”
She says some farmers have also started to aggressively price new crop soybeans, but advises against selling the entire crop because of one market swing. “We’ve seen that in the past where guys have sold 75 or 80 percent of their new crop beans before they were even planted and find themselves regretting that decision come October.”
She says some analysts are predicting a shift to more soybean acres and are awaiting the USDA March 31st Prospective Plantings report to see what the farmer surveys says.
Chicago Board of Trade November soybean futures closed on a two-month high at $10.30 on Friday.
AUDIO: Interview with Angie Setzer
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