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Soybean market leads the way, farmers urged to sell

Agriculture.com Staff 05/07/2009 @ 12:47pm

CHICAGO, Illinois (Agriculture Online)--Though planting season is slowing U.S. farmers in getting the corn crop in the ground, a pattern that would normally favor corn prices and be negative for soybeans, the market is showing attractive prices across the CBOT floor.

Gavin Maguire, Director of EHedger LLC, and CBOT trader, says the soybean market is providing a lot of support for the entire grain complex. Plus, despite a slow year, the market is not fooled to believe the U.S. corn crop won't get planted.

Maguire says the U.S. farmers should be aware that once China buying of soybeans slows, the demand side of the market equation could weaken, dropping prices as a result. He says farmers are urged to price some crop at the current levels.

CHICAGO, Illinois (Agriculture Online)--Though planting season is slowing U.S. farmers in getting the corn crop in the ground, a pattern that would normally favor corn prices and be negative for soybeans, the market is showing attractive prices across the CBOT floor.

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