Grain market analyst sees support in fall market
A grain market analyst says prices might soften as harvest picks up but expects them to remain mostly steady.
Matt Bennett is co-founder of AgMarket.Net.
“I do kind of feel like maybe December corn can hold in the $5 level,” he said. “I’m not saying that I’m supper bullish but I’m probably supportive if you can get that low. November soybeans down in that $12.50 area, again I’d be probably pretty supportive.”
He tells Brownfield while Brazilian farmers are going to plant as many soybeans as possible and a lot of corn, dryness in South America is causing production concerns…
“And then when you look at U.S. carryouts for both corn and beans they’re tight and whenever you’re that tight you just don’t have a whole lot of wiggle room,” he said. “So, I’ve got to think we’ve got some support under these markets. But at the same time, producers need to understand, historically, these are extremely profitable levels.”
Bennett advises growers not to overcomplicate selling this fall when they can make ‘a lot of money’.
Brownfield interviewed Bennett at Farm Progress Show in Decatur, Illinois.