A look ahead to the Prospective Planting Report
Soybeans moved higher with talk of less soybeans being planted in the 2016/17 production year. November soybeans could not break above the 12/7/15 high of $9.264 making it strong resistance. It is going to take spring planting or pollination issues to break above this level. Look for next week to be choppy in anticipation of the Prospective Planting Report and Grain Stocks report on March 31st.
For those of you who wish to make cash sales, depending on your basis, November soybeans at $9.20 would seem to be a good opportunity to do so. Otherwise make sure you have hedges in place on the board. Seasonally the market tends to go down after the report only to begin to trend higher in the May/June time period prior to the Actual Acreage Report.
If the assumed acres are planted and no weather event is seen, it will be difficult for November soybeans to stay at these levels. There are 8 working days till the report. Make sure you have a marketing plan in place. Happy Easter and if you are traveling this weekend be safe.
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