November soybeans reached $10.46 ¾ back on Sept. 18th. They’ve since dropped back to around the $10 mark and a lot of that has to do with harvest pressure.
HAT market analyst Mike Silver from Kokomo Grain says they’re seeing solid yield numbers rolling in at the elevator.
“Soybean yields are coming in and they’re coming in very, very good. If they’re not records for a lot of folks, they’re near records. Lots of mid to upper 60s, some 70s, and have had even some reports of 80+.”
Harvest pressure is hitting the corn market too. December corn reached $3.79 ¼ back on the 18th as well and has lost over a dime since then.
“I’ve heard anywhere from 180 to 220 (bushels per acre). Moisture on corn is coming in, for the most part, below 23%…so corn is drying in the field.”
Silver adds, “Based on the information we have today, I could make a good, solid case that the yield numbers that came out in USDA’s report this month could very well hang in there. We’ll see in the next WASDE report how that works out.”
The next WASDE report will be released on October 9th.
