Despite all of the challenges facing harvest, front-month soybean futures prices at the CME Group remain stuck below $9. Add in low basis and trade tensions with China, the outlook for strength seems soft.
Brian Basting with Advance Trading says for those people still harvesting good yields, $10 soybeans aren't an illusion.
"This applies specifically to those who are looking at exceptional bean yields and we know there are some out there," Basting told AgDay TV host Clinton Griffiths.
"Remember, it's about gross revenue, not the price," says Basting. "For example, if you have eight dollar soybean prices and a 75-bushel yield, that's $600 dollar gross."
Basting says if your normal APH or average yield is closer to 60 bushels per acre, with a gross revenue to $600, that is the equivalent of selling all of your crop for $10 per bushel.
"What's important to keep in mind is the flat price today is low because we have such exceptional yields," says Basting.
Soybean prices this Fall will also include a tariff aid payment from the government.
"Sure a $1.62 on 50% will be $0.825 spread across those bushels," says Basting. "In my example, you could actually tack on another $0.825 to the $10 for those bushels."
Basting says that puts the prices just South of $11 and it all counts. If an operation can utilize storage there's also the chance to add to the price by utilizing carry in the market.
"Just remember, that's the revenue you've put all your blood, sweat and tears into for 2018," says Basting. "That's the revenue that you've got and you have to know how to protect it."
Basting says nothing is guaranteed until you take action.