Why History Shows $16 Soybeans Are Possible
Tyne Morgan, Ag Web
As analysts continue to digest what the latest USDA reports could mean for prices in the coming months, one thing is certain: soybean stocks to use is record tight.
“I think it is the largest revision and one of the largest surprises ever, and the quarterly stocks number sets the market off for a lot of price adjusting to do looking out into 2021,” says Bill Biedermann of AgMarket.Net.
Biedermann says the report added fuel to the soybean price scenario, which is why he thinks there’s even more upside to soybean prices.