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Bean demand provides optimism

Ben Peters, Advance Trading, addresses farmers in Graymont Thursday morning / CIFN photo.

GRAYMONT – A broker with Advance Trading is optimistic due to current soybean demand.

Ben Peters talked with growers at a meeting hosted by Graymont Co-op Thursday.

For the first time since 1983, Peters acknowledges the likelihood of U.S. farmers planting more beans than corn. Fundamentals have led to market strength in recent weeks, as Argentina is having a meaningful drought.

“The funds in corn and beans are a little bit long,” Peters explained. “We are finally at prices where you can get a marketing plan put together.”

Peters recommends knowing what to do and having a plan of action whether markets go up or down. He said the world stocks to usage has tightened up a bit and prices have been in a “supply build mode.”

“The world’s carryout is becoming a U.S. function.”

It may be a tough time for production agriculture, but Peters cautions against being too hard on yourself about marketing.

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