Brock Associates President Richard Brock says it’s hard to justify $12 soybeans with the USDA’s current supply estimate. He does not think we’ve hit the harvest lows yet, but we’re close. “There’s an old saying that big bulls turn into big bears. Soybean prices traded at the lowest price they’ve been in seven months last week. That’s probably not over yet.” Farmers may not move much corn and soybeans off the farm between now and January. In areas with tight supplies, basis levels may improve, but Brock doesn’t think it will improve much.
