All eyes are on March soybeans this week as prices topped $16 Friday and closed Tuesday as much as $.35 higher. Factors influencing the price boom include South American harvest forecasts and China canceling a large soybean order from Brazil. Both factors are also fueling price leaps in other commodities and excitement on price potentials. One analyst said soybeans could reach $18/bushel, significantly influencing farmers’ planting plans in the nick of time.
Traders and analysts will be watching closely this week as USDA’s annual Ag Outlook Forum takes place Wednesday and Thursday.
Read more on commodity price factors here.
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