A farmer in eastern South Dakota says he’s going to sell some soybeans now that soybean prices have improved.
Doug Noem tells Brownfield…
“I think we’re gonna start doing some 10 to 15% increment sales here this week, and put some orders in a little bit higher than that. These numbers weren’t in our budget here two weeks ago.”
Ben Brown with the University of Missouri Extension says January futures prices are the strongest they’ve been in more than a year.
“The largest volume contract for January is is approaching $11 per bushel. We’ve moved ahead of some key trend line resistance on the charts.”
Brown says it would be great to have some fundamental validity to reports China will be making substantial purchases of U.S. soybeans. Noem agrees.
“This sure is a positive vibe right now and hopefully that will continue to be come to fruition and just not talk.”
Even if China says it will purchase U.S. soybeans, Brown says the purchases might not happen until the 2026 or 2027 marketing year, similar to the 2018 trade war.
The U.S. and China are scheduled to meet again this week to discuss a trade framework.
