09/07/23 The 2003 David Talked Myself into Storing My Soybeans

A long-time subscriber paid close attention to my current comments on soybean growing conditions and remembered the similarity to comments that I wrote describing conditions in September 2003. The reason that he remembered it is that he still has a chart on his door showing soybean prices responded by rallying from $5.32 in July 2003 to $10.34 by the following April. That was a $5 rally in just a few months. We went back in the records and pulled the CommStock Report comments from this corresponding week in 2003 and were struck by the close comparison of conditions described then to todays.   “September 8, 2003 Whatever kind of soybean crop we harvest is limited to the subsoil moisture reserves that existed. According to the state climatologist, IA had its driest Aug in 137 years of weather history. Crop condition is collapsing under hot weekend temps as plants exhausted their ability to stay alive. Bears say that will accelerate harvest. The soybean harvest is going to be short work in the WCB. Rain in the forecast is still just a forecast and too late if it materializes.   September 9, 2003 The USDA will likely lower its usage projection with…