U.S. farmers were aggressive sellers of soybeans last fall as prices climbed after trade tensions eased between the U.S. and China. With higher prices and a swifter pace of sales, commercial ownership of soybeans rose sharply while use of delayed pricing programs and basis contracts fell. A new report from CoBank said off-farm grain storage hit record levels last fall, with farmers shifting more soybeans and wheat to commercial storage to free up on-farm space for the record corn harvest. Grain company ownership of soybeans in commercial storage jumped to 73.6 percent as of November 30, up from 66.3 percent the previous year as farmers sold soybeans at a faster pace. “Any material increase in corn and wheat prices will likely be met with heavier selling pressure compared to soybeans, which already experienced a higher level of farmer selling last fall,” said Tanner Ehmke of CoBank.
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