Nov beans back to 9.50's???nt

[marketeye]

With a weather problem, maybe.

Mike

[Jim Meade / Iowa City]

I heard David Kruse of the Comstock Report saying China was getting itself set up to not need an extra amount of beans.  Who knows how many beans SA has in the bins.  The U.S. plantings appear to be down and maybe have to be abandoned or at least will be a little lower in yield.  El Nino should provide good growing weather.  Poultry feed demand may be down for a bit.

As usual, we get many signals and I don't know which will come to pass.  I dont' personally have a good reason to believe beans will hit $9.50Nov, but weather or world unrest or monetary policy could easily turn my guess on it's head.

[ihtractortherap]

Mike,

WE HAVE A WEATHER PROBLEM

[Riverlandfrmr]

They better hit 9.50 quickly or we in Missouri are going to prevent plant. Ins minimum price is 9.73 vs 8.40 n/c so we get 1.30 automatically added to our claim. So wet and 60 percent not planted final date is Saturday. Lots of farmers have NO beans planted in central Mo.

[BA Deere]

Well, a very large number of people "know for sure" that beans will be $7 and corn $2, when was the last time that a large number of people were right about the market?  Something is bound to happen when the last bull throws in the towel, the market`s job is to prove most people wrong.  Maybe with the weather troubles it will spook some endusers, I guess when endusers start posting on here to shake loose some bushels, that will be your sign  🙂

[Riverlandfrmr]

After 4 yrs in a row of dry weather it only makes sense that we are now in a wetter pattern. But, I think what should get some concern is when we get a tropical storm coming in this time of year from the gulf. This is really not good. This could be the start of extremely heavy rains across key growing areas. Getting late to plant or even replant by the time it can dry back out.

[Blacksandfarmer]

Mike, we have a weather problem. Crop condition ratings will fall further next week. The eastern cornbelt is starting to get beaten with too much rain. There are some soybeans in my area left to plant.

[marketeye]

ihtractortherap,

Yes, we have a planting and early growing season weather problem. but, the market will react much greater to a July weather problem for corn and an August weather problem for soybeans. There is just too much weather ahead for the markets to make that sharp run up, right now.

Mike

[roarintiger1]

"There is just too much weather ahead for the markets to make that sharp run up, right now"

This is exactly why the markets should be running up right now!  Now just might be the time to start and ration a little demand.  Those huge carryouts everyone is so fixiated upon are going to be taking a huge hit.

Don't worry.......be happy.

https://www.youtube.com/watch?v=d-diB65scQU