The latest crop progress report from the USDA Monday shows that 57 percent of the soybean crop is rated good to excellent, a four-point decline from the week prior.
Naomi Blohm, senior market advisor at Stewart-Peterson, isn’t certain soybeans will hit trend line yields. She said if the average soybean yield is 45 bushels per acre, ending stocks would be cut in half to 200 million bushels.
“Any perception that’s going to happen is going to lead for the market to rally and $10.50 has been a nice resistance area on these charts,” she said. “There is potential upside to the tune of $11 to $11.50.”
Hear Blohm’s thoughts on how long a demand-driven market will last on AgDay above.