Farmers would need to supply more soybean new crop to meet cash needs.
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Soybean prices rose on the third consecutive day due to a speculative buying increase on a favorable crop progress report expectation from the USDA (US Department of Agriculture) and early completion of the harvest with less damage than expected.
In Nebraska, the corn harvest is 10 percent complete. This rise might provide a boost to soybean futures prices, as it happened before the harvest progress report for the week ending September 27, 2015. “Lack of crop uniformity, poor weed control and nitrogen lost via leaching were the main production issues experienced by corn farmers this growing season”.
“Combines have begun to revolve and 5 % of hammer toe and 7 % of soybeans have been harvested”. We farm a lot of hill ground and with the moisture we have had, it has been really good to us this year.
Across the Mississippi River in Winona County, farmers have also had an excellent year for weather, University of Minnesota Extension educator Jake Overgaard said. The weather looks mostly clear with a few showers later on this week. But Overgaard said many farmers are reporting a surplus and are looking to sell their extra hay on the market. And 81 proportion of one’s soybean decrease was at graded excellent to fabulous. Corn is also shaping up well, with numerous fields reaching maturity, and Overgaard said there was potential to see record yields for both crops.
It is actually an outcome being taken increasingly seriously, with Richard Feltes attributing firmness on Tuesday in soybean futures to the “approach of the stocks report, that may trim U.S. soy stock more than expected if the 2014 soybean crop is reduced”.
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Farmers are also about a quarter of the way through planting their winter wheat, which will be cut next June.
