WATSEKA – An area market analyst remains hopeful for $4.00 cash corn and $10.50 soybeans.
Merrill Crowley of Crowley Commodities in Watseka says we have a good chance of breaking back out of the top side of the range. Factors currently limiting soybean prices include supplies and progress of the South American crop.
“The demand for beans and corn right now is just stellar,” Crowley told The Central Illinois Farm Network Thursday evening.
The excess supply is considered old news now and all of the demand falling into place is considered new news. Any pickup in South American weather could lead to new highs for corn and soybeans. Crowley doesn’t see much happening with the markets next week due to Election Day Tuesday and the USDA report on Wednesday.
“I don’t know where you are going to get much enthusiasm to get the markets higher.”
According to Crowley, we are in a situation where all of the traders are looking at a crop that they think is in the bin already for Argentina.
“Long-term cycle lows should be in and we should see some sort of move up into some higher territory. We’ll just have to wait and see what develops,” Crowley said.