Demand for soybeans inside and outside of the United States is strong. As Todd Gleason reports consumption of the oilseed should keep its price relatively high.
The soybean crop in the United States can look spotty at best, depending upon the field. The double crop beans, those planted after wheat was harvested earlier this summer, seem unlikely to make it to yield. Still there are plenty of soybeans around that look good.
The finish of the crop will make a difference, but it is consumption that may hold prices higher rather than supply over the long haul of the marketing year, says University of Illinois Ag Economist Darrel Good.
"Unless the soybean production number changes a lot from USDA's August forecast, stocks will remain relatively tight," Good says. "That suggests to me that soybean prices will probably hold value a little better than corn prices during the upcoming marketing year."
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