Soybean futures extended their contra-seasonal price rally this week, fueled by strong export demand news. November soybean futures rallied to their highest level since the highs posted just ahead of the August Crop Production Report, signaling the export news is overshadowing this year’s big crop. But with strong early soybean yields and a sharp rise in carryover projected for 2017-18, we continue to feel rallies must be sold. Be prepared to increase 2017-crop sales when the market shows signs of stalling. Corn futures showed little net change for the week despite the strength in soybeans, as did winter wheat. Spring wheat futures worked slightly higher amid spreading with the winter wheat markets.
Farm Journal Pro users have access to the full Pro Farmer newsletter at this link.