August is for Soybeans: Still Have Chance at Seeing $11

August 8, 2017 12:37 PM
 
 

August is known for really making the soybean crop. Now that August is more than a week in, rain showers have been in the forecast coupled with cooler temperatures.

If these ideal conditions continue, Bryan Doherty, senior market advisor for Stewart-Peterson, says it boils down to two things.

“We’ve been trading around $10 in November soybeans, so that’s your pivot point,” he said. “Good weather can push you under that, bad weather can rapidly move above that. We’re looking better weather the end of August”

The heat dome that hit the Midwest has since been pushed out, which is where Doherty said the concern was with this forecast.

“We go back to our earlier analysis in the year, you got a range of probably $9 to $10.50, maybe $11 on the top side,” he said. “You’re looking at $9 to $9.50 again on futures. Rain makes grain.”

Hear what Doherty says about downside risk in soybeans on AgDay above.

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Comments

 
Spell Check

bulldawg
Greensburg, IN
8/9/2017 11:02 AM
 

  Where in this discussion was $11 beans even a remote possibility based on content of this interview? AgWeb is turning into The National Enquirer with it bait-n-switch tactics. Apparently it works...I fell for it. :-)

 
 
Southeast South Dakota farmer
Yankton , SD
8/9/2017 10:55 AM
 

  It's true that rain makes grain but about all we're going to be doing this August is trying to replace what was lost in June and July most of our beans are A foot shorter than normal with the poorest ones only being knee high probably 3/4 of our fields are just starting to set pods where normally they would just be finishing pod set normally our area yields above the national average we're thinking a range of 20 to 45 bushels this year and it's hard to say what are overall average will be It's definitely going to be below the usda Numbers so the question is will there be enough really good beans to carry areas like ours that will be below The estimates Also 20 to 30% of the fields in our area have some sort of varying levels of dicamba damage So good luck to the usda on finding all the beans they think are out here

 
 

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