NORMAL – Bean prices could fall back but there is some hope for corn, according to one local market analyst.
Pete Manhart of Bates Commodities in Normal says there are plenty of beans available in the world. Also, usage is good but carryout is quite a bit bigger than last year. During the past week, beans were up 52 cents and eventually backed off.
“If we get over $10.00 on new crop, we need to be selling it,” Manhart said during the recent Greater Peoria Farm Show.
Farmers in the U.S. are expected to plant much more beans and less corn in the spring. This means bean prices could go down a lot more with corn going up after planting.
“Protect the downside on beans and participate in an upside in corn for next year,” Manhart adds.
Come planting time, Manhart won’t rule out $8.00 beans.