Market Analyst Naomi Blohm among AgOutlook speakers
The 18th annual AgOutlook Conference and Tradeshow is December 8 at the Ramkota Exhibit Hall in Sioux Falls. Speakers include ag meteorologist John Baranick, ag author and humorist Jolene Brown, and commodity market analyst Naomi Blohm.
“We know yet again that we are heading into this coming year with nine grain and oilseed commodities that have tight ending stock supplies,” said Blohm, senior market advisor at Total Farm Marketing. “So that is what’s keeping the market, overall, at higher levels, but these outside market influences in the coming weeks are what’s going to be the reason for, for example, soybean prices to either go $2 higher or potentially $2 lower.”
Soybean prices have remained high through late summer and fall, said Blohm, adding that the November contract will likely leave the board with strength because of vigorous exports and the addition of processing infrastructure creating soybean demand for North and South Dakota soybeans.
“There’s always a strong demand for soybeans from South Dakota farmers and for that area for export, but we also are seeing more processing facilities being built,” she said, “and so the South Dakota farmers are very critical going forward for needs for American agriculture, but also for feeding the world.”
Blohm’s message to farmers is to remain agile. She says she can give five reasons why the market will go up, but she can give five reasons why it might fall. “You’ve got to be ready for either scenario to happen, you need to know when to pull the trigger on your cash sales; you’ve got to be watching your cash market, your basis levels,” said Blohm. “And just because the bin doors have closed and harvest is wrapped up, you have got to be actually on your game right now with your marketing because there is tremendous value in front of you and there is tremendous value that could yet be coming, or it could be slipping away.”
Register for AgOutlook 2022.