Analyst Predicting $6 Soybeans in 2017

soybeansSoybean acres are predicted to rise as corn and wheat prices continue to struggle. Richard Brock of Brock and Associates in Chicago is predicting that planted acres will rise from 83 million this year to 87 million in 2017. That much of an increase would come with much more carryover. An Ag Web Dot Com article says the carryover stocks currently are 480 million bushels and Brock says that number could rise to 800 million bushels. He’s predicting that the biggest market movement next year will be soybeans heading lower. Brock’s forecast includes cash soybeans in Iowa around $6 a bushel and he calls this his “optimistic forecast.” Brock feels there are still opportunities ahead for producers, saying, “An opportunity is not necessarily just the market going up, but knowing which direction they’re going to go in and then taking advantage of that marketing.” He says it’ll be important to forward sell, aggressively price, and hedge your production and the producer who does that will have a big advantage over his neighbor who does nothing.

From the National Association of Farm Broadcasting news service.