A lot of commodities remain in storage because of low prices for corn and soybeans. Ed Usset, an agricultural economist, said soybean prices have begun to bounce back after sinking in late 2025.
“First of all, we had a wonderful rally in the world of cash soybean prices back in November, just three months ago. And about the time I started to talk about it, we were a dollar to a dollar-and-a-quarter off our harvest lows in mid-November. I started talking about it, and of course, it went away, and it faded back to where we were, you know, by early January. Well, we’ve got another rally. And in fact, right now, we’re talking a cash price of $10.50 a bushel in Southern Minnesota. And that is the best we’ve seen since July of 2024.”
He said February isn’t typically a great month to market grains.
“We don’t typically make highs in February, and we could make the argument that we should wait a little longer. But the fact is. last year, we did make highs in February, so things happen. This is a great opportunity for old crop sales, which leads to new crop. I’m looking at the November contract and, as I talk, it’s at $11.26 a bushel. That’s 50 cents better than we saw last year.”
Farmers should look at marketing soybeans, but he’s not quite as sure about the price of corn.
You’ve got to take a hard look at pricing some new crop soybeans at that level and hope the heck you’re wrong if you do it. Now I gotta tell you, I’m just not that enamored with corn prices. Yes, they are up modestly. We’ve got an opportunity, new crop December somewhere around 4.65. Man, I have a hard time with it. I guess if you screw up the courage, you get a little bit sold, because I like to remind people that we went sub $4 with each of the last two new crop December contracts in 2024 and ‘25.”