LANARK — At least one Eastern Ontario crop farmer is holding onto soybeans in anticipation of even higher prices in May and June.
Soybeans were at a record high price in April, hovering at $22 per bushel for old crop and $19 per bushel of new crop. But a farmer, who spoke to Farmers Forum on the condition that his name not be used, argued that prices are going to go even higher.
Had he ever seen prices this good? “No, no, no, no, no,” he exclaimed, adding that the best is yet to come.
“We haven’t hit the May and June highs in the 40-year crop chart,” he said, advising farmers to tape the 40-year crop price chart to the wall in front of them and look at it every day. The price historically is highest in May and June, he said.
Family members have tried to argue him into selling more soybeans now but he’s only selling a load at a time. “And I regret every load I sell,” he said, explaining that price keeps going up. “Price and regrets. That’s all that farmers are talking about right now.”
Lanark County crop farmer John Vanderspank says the only caveat is that things can change overnight.
“I’ve been selling incrementally all along, a little bit at a time and I’m already 75 per cent sold for 2021 and I’m probably 15 per cent sold for 2022,” Vanderspank said.
Prices might go higher but he says that by the time he’s sold all of his crop he will have sold on average for $30 more per tonne for corn than he’s ever sold before and about $50 per tonne more for soybeans. “You’ll never go broke selling at a profit.”
Just don’t chase the highest price, Vanderspank cautioned, “My philosophy is if you wait for the highest price you’ll never hit it. As long as you never hit the lowest. The lowest price is going to break you.”
Lambton County crop farmer Robert Johnston is also holding out for higher soybean prices but he’s not looking at the 40-year price chart. He’s looking at world supply. “We’re out of beans,” he said.