Farmer optimistic that grain prices have not reached their peak
A southwest Illinois farmer is optimistic towards corn and soybean prices in 2021 after reflecting on price jumps in 2020.
Daryl Cates tells Brownfield he sold a lot of corn last spring around $3 and soybeans around $9 anticipating those to be the cap.
“No one ever dreamt we would see the prices move like they did.”
On Tuesday, in the St. Louis area, beans were over $13 and corn was just over $5. Cates says the question now is how much higher will prices go.
“Some people are still thinking that we are going to see $15 old crop soybeans, I think that is a little too optimistic, but I really believe we might see $14 beans and my gut had originally told me $5 corn, but we broke through that so I’m not sure where corn might go to.”
Cates, who serves as a director for the American Soybean Association continues to watch weather in Brazil and Argentina, anticipating that will have a large impact on the market.