It's hard to say recent action in the soybean market has been anxiety-free, but the rally so far has lacked the drama seen during weather scares or blow-off tops. With May winding down, and July futures edging closer to delivery, the time for fireworks may be near.
Most producers don't have a lot of old crop beans left, which is why basis also surged last week, especially in the eastern Midwest, where yields were down last fall. As a result, producers for the most market will be observers on this final phase of the rally — all in all, not a bad place to be.
This doesn't minimize the potential nervousness of growing soybeans in 2009, however.
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