Every time crude oil appears to have topped off and a correction is in sight, it surges to another all-time high. In mid July a $10 correction was wiped away in just over 24 hours.
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While soybean acreage increased 17% from last year, it won’t satisfy the 2009 usage table, having given way to very high-priced December 2008 corn. “The farmer rightfully chose to plant corn at those prices,” says Tom C. Willis of Mesirow Financial. “It was certainly more than last year, but last year was one of the lowest planted acres in soybeans in many years,” he says, and those acres are also likely less productive. “It’s a perfect storm,” he says, adding that a bad energy policy, which promoted corn production, and bad weather have the market on a razor’s edge. “We can’t even afford below trendline yield,” he says, adding that he’s a buyer between $14 and $13.75; and with the momentum traders, tight stocks and a weather disaster, the market could do anything.
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