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Preharvest rally stuns many
The director of grain origination for CHS is one of many surprised by the preharvest rally.
Megan Schmit says if she was asked three months ago where prices would be going into harvest, it would not be at current levels.
“Right now in soybeans we have surpassed the $10 mark, which is unbelievable, wonderful, and great for producers to be able to take advantage of.”
On corn, she says prices could continue to strengthen as the December contract hovers around the $3.70 per bushel.
“We’ve been up there the past few days. Could it get even higher? Absolutely. Looking out even a year further, which I strongly recommend producers are doing, December ’21 is near that $4 mark. That’s really a big deal.”
During last week’s Women in Agribusiness virtual summit, Schmit called this late season rally a huge opportunity to book some sales and secure a floor for both corn and soybeans.
