McLean County Farm Bureau

SOYBEANS MAY BE THE NEXT MARKET TO SURGE AS RAIN DRAGS ON –

Corn prices have been on an epic run. Now, soybeans could soon be catching up. USDA will update its plantings estimate Thursday, but analysts and traders are already concerned the agency’s numbers will be too high and not fully reflect the impact of the deluge. “Most people would suggest this survey is a little dated,” said Rich Nelson, chief strategist at Allendale Inc. In the weeks and months ahead, the agency likely will have to take down estimates both for U.S. soy acreage and yield to reflect major planting delays, Nelson said. That could boost soybeans prices that lagged behind corn’s big run. (Crain’s Chicago Business)