Soybean prices finally found their footing, reaching $10.00 per bushel on Friday for the first time since late July.
Farmers rejoiced as the USDA projected increasing demand for U.S. soybeans over the past few months, reducing the excess from last year, or carryover, by 12%. A relative shortage of soybeans now will increase demand for the crop and prices, a welcome relief for producers who are nearly halfway done harvesting this year’s record-breaking large crop.