A market analyst says dry weather in portions of Brazil continues to delay planting progress and supply concerns continue to bring strength to U.S. soybean prices.
Tim Marsh with Summit Commodities tells Brownfield the stronger soybean market is likely to stick around through December.
“We need to maintain a little bit of a weather premium to allow for any problems that might happen in South America,” he says. “The market has had a good pop up toward $14 in the last week and at the same time, $13 should be a good support beneath the market until we see how the weather unfolds and what the South America crop looks like.”
Marsh says Brazil and Argentina are also running short on old-crop soybeans to sell as the U.S.