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Soybean futures broke out above technical resistance on Friday. With growing concerns over weather conditions in South America, that strength has carried over to higher prices to start the new week of trade.
AgDay TV Markets Now: Bryan Doherty, Total Farm Marketing, discusses the big rally in soybeans, meal and corn on Friday and if the markets can continue the trend next week.
The strong close in soybeans reflects concerns about South American weather. If South American production drops 100 million bushels that makes U.S. ending stocks at 220 million bushels look tight, says Jerry Gulke.
North Dakota auction company announces new record-high land sale for cropland in the northeast corner of the state at $17,500 per acre, while in Iowa farmland sales are starting to cool off.
While a few cotton fields flourished with yields to brag about at the gin, the majority of the region’s production suffered, from one weather extreme to another.