Normally, soybeans would be more prone to put in a bottom in August on a decline from June. This year is different. A low was put in during June to July and a counterseasonal rally has occurred. It has been the consistent demand by China and other world buyers (mostly China) that has floored soybeans.
Soybeans were rallying through the February and March highs for the week of April 16 to take this market to new highs from the winter low. Corn prices were rebounding 20 cents from the lows in just a week. Granted, it is the time of year that we tend to see prices surge as farmers focus on finishing up last fall’s fieldwork done — including leftover harvest — not to mention planting this year’s crop.
The next two to five years probably will prove to be just as interesting for U.S. farmers as the past five have been. Of the world’s six largest economies, three have budget deficits — Great Britain, the United States and Japan. Great Britain has the worst deficit at 14.5 percent of the gross domestic product in 2009.
April 12, 2010
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