Soybean prices making a new contract high and a new contract high close with prices touching $15.99 during today’s trade. And with prices near $16, we’re getting close to the all-time highs which were just shy of $18.
This chart shows 3 crop years, SN21 at $15.89, 2021 SX21 at $14.33 with a $1.50 discount, and 2022 at $12.73 another $1.60 below current market. In fact, SX22 prices at $12.73 is currently $3.16 below the current spot price for U.S. beans. Our attitude is similar with beans. We’re in an accelerated up-leg, there is no sign of topping action, and we have massive discount for new crop 22 beans therefore we’re not yet advise sales for the 2022 crop year even though prices are starting to look more attractive, approaching the $13 level.