Nonetheless, they proved to be worth the money since the market has since dropped drastically. Hoping for a return to the early summer price levels is not realistic. We need to look ahead at strategies that will improve prices before or during harvest. The normal pattern at this time of year is to see a small recovery in August and early September. Considering what the market has done so far this year, I do not look for a big rally.
Prices then drop going into harvest.
Prices have dropped 13 times in the past 19 years between September 9 and October 8. The average drop was 22 cents. The most reliable price move during the marketing year is the price drop between September 9 and February 15. For those farmers who do not have any new crop soybeans sold, selling in early September has a high probability of success. With prices so low, getting an extra few cents per bushel is important.