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Soybean prices might’ve bottomed out

University of Illinois ag economist Todd Hubbs is confident soybean prices have found a floor.

“The lows we saw in early September when we saw the November contract hit around $8.50, I think those might be the lows that we put in this marketing year.”

He says the market drivers will be trade, the size of the U.S. soybean crop, and South American production.

“Still quite early on that, but it’s dry down in southern Brazil and parts of Argentina and something to monitor as we move through harvest.”

But, Hubbs tells Brownfield soybeans have a limited ceiling too.

“Unless we put in a national yield around 43 bushels per-acre, which I don’t think is at all possible, I think the upside is sort of limited (to) the high eights.”

His advice to growers this fall is to store soybeans if possible and sell on positive trade news or weather rallies. 

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