Morning Market Review for Jan 7, 2021 farmprogress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from farmprogress.com Daily Mail and Mail on Sunday newspapers.
1/6/2021 By Karl Plume Jan 6 (Reuters) - The soybean market has transitioned into rationing mode as tight global supplies and crop-stressing drought in Argentina have ignited the strongest soy market rally in years, Joe Stone, the head of Cargill Inc s agricultural supply chain, said on Wednesday. We are going to need to ration. The extent of how much we re going to need to ration is probably going to be a function of the weather that we see in Argentina, Stone said during a webinar hosted by the U.S. Soybean Export Council. He did not provide any details about how that rationing would occur.
Provided by Dow Jones By Kirk Maltais Soybeans for March delivery rose 1.1% to $13.61 1/2 a bushel on the Chicago Board of Trade Wednesday as traders continued to pile into soybeans on expectations of further demand rationing. Corn for March delivery rose 0.7% to $4.95 a bushel. Wheat for March delivery fell 1% to $6.47 1/2 a bushel. HIGHLIGHTS Ration Reality: The rise seen in soybean prices over the past six months is seen as necessary for the market to grapple with the pressure of higher demand and constricted supply, said Joe Stone, head of Cargill s agricultural supply chain division. The function of the market now seems to be rationing demand. We re just at the beginning of that process said Mr. Stone, speaking on a virtual forum held by the U.S. Soybean Export Council. The weather in Argentina will dictate how the world soybean supply fares in 2021, he said.
The Farmer s Exchange Online Strategic Plan Key to Soy Checkoff farmers-exchange.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from farmers-exchange.net Daily Mail and Mail on Sunday newspapers.
Worth a hill of beans
Soy farmers see advances that will benefit state
Larry Wilkinson
I ve been a farmer for many years, and there s really nothing I d rather do.
It s been a great life. It s been a great way to raise a family. It s been full of memories and experiences.
As a farmer, I ve learned that planning is crucial to success. Anticipating weather challenges, knowing when to apply fertilizers and managing expenses are all part of the job. Without proper planning, the farm would suffer.
The same principles apply to most groups and organizations. For more than 30 years, soybean growers have benefited from the work of our soy checkoff organizations. Our national organization is the United Soybean Board. At the state level, checkoff funds are managed by the farmer-led Indiana Soybean Alliance.