Friday, March 28, 2008

Soybeans Bottom, Trade Again

Soybean prices appear to have bottomed, and are showing signs of active trading again. I'm glad that the new limit prices have worked and are serving the community well.

Soybeans have the greatest potential of the various grains to surprise the market Monday when the USDA released its crop report. This is because expectations are for farmers to convert much of the land that was previously planted in corn, to soybeans instead. If the acreage committed to soybeans surprised the market on the downside, soybean prices will probably rally higher.