Yesterday the USDA planting intention report was released which has stirred lots of speculation about the future movement of of agricultural commodity price. On BNN yesterday Larry Weber of Weber Commodities spoke about the planting report and some of the ramifications. Larry speculates that Soybeans could be headed to 10-11 dollars per bushel this spring. With this report Larry believes that a floor has been established for soybeans at $9.50. As Larry notes in the video the reality will be a global acreage battle between corn and soybeans for the upcoming years.
According to the USDA’s report, there will have 6 million less corn acres in comparison to last year. Wheat acres are about where everyone expected. If you are interested in learning more about Larry Weber check out his website at http://www.webercommodities.com