I’ve spent the last couple of weeks outlining what I am watching in the feed grain markets, first with wheat and then corn. This week, I figure it is the soybean market’s turn.
I would imagine if you asked most anyone their outlook on soybeans these days, they would tell you they are incredibly bearish, outlining US carryout, South American production gains and a poor outlook on China. Obviously, they would not be wrong as we are looking at an historically large US ending stocks projection of 550 million bushels, are anticipating over a half a billion bushels of additional South American production and are watching a slow-motion economic disaster in China.
