The soybean market, similar to corn, is enduring a wave of bearish headwinds created by record supply being harvested once again in South America, a strong U.S. dollar, heavy uncertainty about U.S. export demand, and a less fearful U.S. weather forecast. No need to continue rewriting ;the obvious and old.
As you know, to move prices aggressively higher, we need at least one or a combination of continuing bullish supply-side stories, demand-side stories or bullish weather headlines. Unfortunately, we're just not seeing any of that right now. As a producer I'm staying patient, thinking we might see some change in this theme in the weeks ahead, but as of right now, the grind lower continues.
I should mention there's talk of a few soybeans starting to be harvested in the lower Mid-South. I'm also starting to hear more talk and complaints about "loopers" being more apparent in the soybean fields down South. Loopers are migratory pests that sometimes show up late season and eat leaves, but not pods or seeds. Remember, the threshold for soybean loopers (and all defoliating pests) is 15% defoliation throughout the canopy. Loopers generally defoliate from the bottom of the canopy up so peel back those plants when you scout. There seems to be more talk also circulating in regard to "SDS" being found in several fields...stay tuned!