Finding profit in 2024
By Jon Scheve, Superior Feed Ingredients, LLC
Since late July, January beans have been trading in a tight 70-cent range between $9.90 and $10.60, in 66 of 69 trading sessions. The market only traded completely outside of that range once below, and above twice.
Positive export demand reports helped prices bounce off the lower end of that trading range. With harvest mostly complete, it seems unlikely that farmers will pull beans out of storage with values still $1.50 per bushel lower than their breakeven level anytime soon.
I expect the USDA to decrease the national yield estimate in the November report. I’m hearing that many fields throughout the U.S. were impacted by limited rain in August. If the yield decrease is big enough, a price rally is possible.
Unfortunately, a rally could be hard to come by because Brazil’s planting place has been very quick the past 2 weeks after what was a late start.… Continue reading