DTN Contributing Analyst Philip Shaw has only combined his crop six hours since Oct. 4 as rain and gloomy weather has dominated much of October. However, amid the mud, he said he needs to look forward to his next soybean harvest day with a bright sun. Being bullish soybeans is OK.
Most pieces of the commodity grain supply chain are ticking along smoothly at the gut slot of harvest 2021, but don t underestimate the industry s exposure to containerized shipments.
Until late last week, soybean meal was on a downward path for the past six months. As the market is oversold, there is a chance the meal bear market could be close to an end.
The drought that gripped the Northern Plains and Canadian Prairies this past summer shrank spring wheat production to multi-decade lows. The latest stocks data from USDA showed supplies are even tighter than feared, which could require major rationing in the second half of the year.