Roy Smith has a good article here about his trip through the country and thoughts.
Part of it says,
"To have the price going up under these conditions is an added bonus on top of what is probably going to be a very large crop. A small rally in the soybean market in the last half of August and the first week of September is common as the trade evaluates the growing conditions, as the crop is in the pod-filling stage. Having a rally in the corn market when the earliest corn is already mature is unusual. This is one time of year when prices of the two crops most often go in opposite directions.
At this point, I do not want to add to new crop sales. The sales I already have on the books are below today’s levels. Considering the normal seasonal patterns for soybeans, I am willing to let the rally run for two more weeks to see if prices go up into the September crop report again this year. At some point, I will price the rest of the bushels I deliver at harvest. The dead cat bounce will be a second chance if I miss this opportunity!"
Rest of the story over in Marketing.
Anybody else willing to let the rally run for two more weeks?