November soybean futures prices dropped significantly after the release of the August USDA reports.
Successful Farming reports the November futures price closed at $8.93 on August 17, higher last week on the news involving recent developments in trade negotiations with China.
The sensitivity of soybean prices to trade issues and the potential for large yields create difficult marketing decisions for new crop soybeans.
Currently, the soybean market exhibits carry in forward futures contracts, but the carry levels do not support full commercial storage carry. The decision to market or store soybeans hinges on individual marketing strategies, but neither prospect appears promising under current market scenarios.
Read the full report here.