While corn markets continue to hold strength amid slow planting and wet weather, soybean dynamics are in a different place.
"Soybeans tend to be the anchor right now keeping corn from getting higher," says Feight. "We believe, from a planting perspective, if we don't plant corn, we're going to have to plant a lot of beans in the market."
The potential of switching acres to soybeans and the ongoing threat of African Swine Fever reducing overall demand, is keeping prices in a limited range.
"We believe the problem is probably bigger than what we know right now," says Feight. "We're talking about probably a 20% reduction in the hog herd and I think that's minimum."
He says falling hog numbers in Asia is only going to limit future bean demand.
"That's had a bigger impact on demand for soybeans and I don't think we've seen the full impact yet," says Feight. "We've just got too many beans in the world."
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