The current La Niña weather pattern is making Argentina dry, and the crops are in desperate need for a drink of water.
For the first time in 2018, soybeans topped $10 per bushel. Brian Splitt of Allendale, Inc., says the trade is paying attention to South American weather, but possible harm to the Argentinian soybean crop could be offset by strong Brazilian yields.
“This weather rally is an opportunity to get some marketing done,” he said on AgDay. “If you haven’t done anything yet, you need to start thinking about where your levels are and have some kind of plan.”
Splitt says there’s a similar setup to 2017 when it comes to price, and there’s some marketing options that can work to give you coverage.
Hear his advice to farmers on AgDay above.