Soybeans soared to an eight-month high, driven by hopes for better US soybean exports in the coming months and concerns about South American weather and political turmoil.
For those farmers who built storage bins and still have some of last year’s soybean crop stored, this recent rally has been a relief. Friday’s price of $9.55 per bushel is the highest value for last year’s crop since it was harvested.
The rally has prompted heavy farmer selling, especially as farmers look to raise money to cover their planting season expenses.