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Soybeans soar on Wednesday

[/title][fusion_text]Thursday, April 21st 2016

Thanks to concerns about the South American crop, soybeans soared again on Wednesday, climbing more than 20 cents to break the $10 barrier for May through August futures contracts. In Argentina, heavy rains have caused significant harvest delays and raised questions about the condition of the country’s soybean crop, given reports of beans sprouting in the pod. Meanwhile, in Brazil, the worry is dry weather and falling production numbers for the Brazilian bean crop. Against such a backdrop, soybean prices are skyrocketing. For example, cash soybean contracts jumped 35 cents Wednesday to close at $9.604. May and July futures both rose more than 24 cents to land at $10.096 and $10.19, respectively. August soybeans also gained more than 22 cents to close at $10.192. For contracts farther into the future, movement was more muted, with September beans rising just more than 12 cents to $10.082 and November soybean futures inching up almost 4 cents to $9.996. As the soybean price uncertainty continues, perhaps for the next few weeks, some farmers are already rethinking their plan to go heavy on corn this spring and shift some acres into soybeans.

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