Relatively cool temperatures for crop pollination and good-looking fields in major corn states such as Illinois leave some analysts feeling bearish.
"The American farmer has not sold much of the 2013 crop, whether it’s corn or beans," Mark Gold, Top Third Ag Marketing, tells U.S. Farm Report’s Market Roundtable. "And in my opinion, that’s kind of a Damocles sword hanging over this market. So until we see more farmers selling, until we get the funds out of the beans, and as long as we’ve got good weather, I’m going to remain bearish."
Meanwhile, the threat of an early frost is keeping a good number of farmers on edge.
"The reason they’re not short yet is they’re afraid they’re going to frost the beans," says Andy Shissler, Roach Ag Marketing. "They’re late, and you know as well as I, being short in the bean market can be the worst thing you could ever do in your life … Beans can be vicious."
Watch the two videos below to hear the complete Market Roundtable discussion, including the prospect of higher bean acreage in 2014: