A senior grain and oilseed analyst with Rabobank says a few factors are affecting soybean prices as harvest begins.
Owen Wagner tells Brownfield the U.S. is likely to produce a good soybean crop despite the late August heatwave.
“The sentiment I’ve heard from several farmers is that the crops look good. I think that’s a relative term though,” he says. “I think it’s good, relative to where folks were thinking they would be earlier in the year.”
He says local basis should be closely monitored as Mississippi River levels move lower in the drought and farmers might want to rethink the market strategy to wait and sell soybeans.