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Shellady: Farmers continue to face challenging soybean prices

A commodity market specialist says farmers continue to deal with sagging corn and soybean prices.

Scott Shellady, also known as The Cow Guy, says November new crop soybeans are just off the $10 line.

“We need to see the prices up around $11 really,” he said. “We’ve had weather that has not been threatening. Yes, there have been some hot spots but we’ve also gotten some timely rains with it. The same could be said for corn. We haven’t really been able to scare the market.”

He tells Brownfield a reduction in purchases from China has been a major factor. Shellady says Brazil has a hold over the export market.

“They grew into being one of our biggest customers and then slowly but surely dropped off,” Shellady said. “They’ve invested a lot into South America. They do a lot of their business with Brazil obviously. It’s going to continue to be that case and probably more and more too.”

Shellady says producers are also dealing with corn prices that recently hit contract lows.