Analyst says market is failing to account for harvest delays
Some analysts believe the grain market is failing to account for continued harvest delays.
Kent Beadle with CHS Hedging tells Brownfield corn and soybean futures have been slow to react as the weather delivers blow after blow over much of the Midwest.
“On the weather front, I don’t think the market is doing a very good job of pricing that in.”
He says clients in the Northern Corn Belt are reporting crops killed prematurely by frost, while farmers in the Eastern Belt harvest corn at 30 to 40 percent moisture.
“And there’s a lot of that in the Western Corn Belt as well. We do have a few nice days coming up, but we’ve got a much below normal 6 to 10 and 8 to 14-day profile.”
Beadle says there should be plenty of opportunities to market soybeans with prices 20 cents shy of 18-month highs.