Old crop soybeans once again took the lead in the futures market today. Old beans were up 15 cents amid Informa coming out with a projection of 77 million bushels of carryout this year vs the 130 mbu the USDA forecast just a week ago. A carryout of 77 mbu would dictate demand rationing pricing as many believe the soybean "pipeline stocks" number is around 120 million bushels. Pipeline stocks refers to every processor and the export market having their silos full and soybeans in barges and trains heading for export to transition to the new crop months.
A lot of corn should get planted East of the Mighty Miss this week but traders are still cautious as they look at their calendars, realizing trend line yields would need optimum growing conditions from here to harvest to be attained.
Scott Meyer
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment