Corn, soybeans and cattle were higher early Thursday with wheat, hogs and milk easing back.
Soybeans Make New Contract Highs, $13 Next?
After 16 cent gains on Wednesday the November new crop soybeans made new contract highs, taking out the $12.41 high from December of 2022.
The market has been supported by war, weather and China demand according to Bryan Doherty of Total Farm Marketing.
He thinks the market is well on its way to $13 as it is in his words clicking on all cylinders.
“Nice, strong momentum gap higher earlier in the week on Sunday night, didn’t fill the gap traders are in the offensive. The weather is a concern as the six ten day outlook is supportive, the war is supportive, crude oil prices up sharply you’ve got support in a lot of areas and then you’ve got technical support the charts just look friendly and those who bought in will continue to buy,” he explains.
Weather, Yield Concerns
Weather in the Northwest Corn Belt is starting to spark concern with heat and dry conditions to start August.
Doherty says that could trim yields as 53 bu. per acre trend line yield for soybeans is pretty hefty.
