Josh Grunnet, senior grain merchandiser out of Cottage Grove, says it’s full steam ahead in the field as soybeans mature earlier than expected. He says they’re still clearing out old crop to get ready for what could be a near-record harvest.
The dry, warm weather accelerated a crop that had two planting windows this year.
There is some carry in the soybean market, but traditionally, Wisconsin farmers sell their beans in the fall and wait on corn. That’s likely to be the case this year. The price of beans (below $10 per bushel) might keep some people on the sidelines. On soybeans, farmers are close to under breakeven.
The timing of supply — an early crop — is a bearish basis signal. Rapid harvest of a crop also stresses the supply chain– another bearish sign. And low river levels are raising the cost of transportation.
The good news, Grunnet says, is that there’s some demand out of the Pacific Northwest for soybeans. He’d like to see a more robust export program.
The quality of the soybeans do look good. The size of the bean is normal. They are dry — in the single digit percentage. Farmers would appreciate a little more moisture.
While your harvesting the ’24 crop is the time to think about 2025. Start purchasing inputs, such as fuel. There’s not better time to plan than if you have time in the combine, he says.
