Soybean futures usually follow corn in planting each season, but a Midwestern field agronomist is touting a change in this long held view in an effort to produce higher yields than customary. Soybean futures are up .11 cents today, currently trading just above $9.53 per bushel at the Chicago Board of Trade.
The challenges to planting soybeans earlier than normal include labor logistics and equipment modifications, however an expert says certain key factors in understanding better results for plant “canopy closure” will provide soybean farmers better yields. She says for this to happen there must be an “increase in soybean nodes and pods per plant” which brings us back to the need for farmers to better understand canopy closure in their fields.
Jeff Evans, Vice-President of the Managed Accounts Division for RMB Group in Chicago, had this to say regarding the fundamental assessment of the soybean futures markets, “An earlier growing season has the potential to alter the seasonal tendencies that have been established for hundreds of years of soybean growing.” Evans adds, “Soybean harvests could begin sooner…a germination and emergence change can alter seasonal highs and lows between planting and harvesting.”
The trend for soybean futures is down and a relief rally appears to be emerging at this time. Soybean futures 18-day moving average is about .25 cents higher, so there may be higher prices near-term.
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