Randy Martinson of Martinson Ag Risk Management agreed, saying soybeans have been bouncing between $13.50 and $14.50.
Concerns remain about South American crop conditions. Argentina has been dry, though officials there have not yet lowered production estimates. Brazil remains wet, and Martinson said he's heard indications it could be a month or so to get harvest back on schedule.
Rook said a new World Agricultural Supply and Demand Estimates report will be coming out on Tuesday, March 9. Usually, the March report is "ho-hum," she said, but neither she nor Martinson expect that to be the case this year. Any change in ending stocks, particularly for corn and soybeans, could have big impacts on the markets. However, Martinson expects little to change for wheat.
Martinson is interested to see where ethanol will go from here, as more people return to travelling and driving.
"I'm still friendly ethanol," he said.
Rook and Martinson discussed news that African Swine Fever might be roaring back in China. The devastating disease could mean less demand for feedstuffs like corn and soybeans but also could increase demand for U.S. pork. Martinson said he believes reports related to the disease might be "overblown," but time will tell.
In the cattle markets, Rook said cash trade has been "stagnant," taking live and feeder futures with it. She and Martinson both believe demand, in exports and domestically, will help cattle prices in the longterm. For now, Martinson said packers haven't had to go looking for cattle.
"Packers are just comfortable bringing in a lot of formulated cattle and not going to the cash side of things," he said.