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Soybean prices are expected to decline some in the next few weeks as harvest becomes more active. Prices this fall probably will not follow last year when soybeans advanced and reached their seasonal high early in November.
If the markets sag substantially during the main harvest period, it might be wise to store the beans, as prices are expected to follow more closely the usual pattern, and reach a peak in April or May.
Total U.S. supply, 1960 production plus carryover, is estimated at 585,000,000 bushels a two per cent decline from the 600,000,000 bushels last year.
Soybean futures are $2.13 for November; $2.17 for January, and $2.12 for March.
Export demand of soybeans and soybean products will probably be as large, if not slightly larger, than last year, as the olive crop is short.
Soybeans were quoted at $1.98 in Richmond last week; with Northern Neck at $1.95, and Norfolk at $2 to $2.10.
CORN
Even though the corn harvest was slowed up by Hurricane Donna, it was probably beneficial in that it helped contribute towards orderly marketing, and consequently prices held steady during harvest season.
The October 1 crop estimate for the U. S. was up two per cent from last month, and two per cent above last year.
Estimated production in Virginia the first of October at 40 million bushels was up four per cent from last year.
In the Richmond area, corn was quoted at $1.06 last week, with Petersburg at $1.09; Norfolk, $1.10 to $1.12; Northern Neck $1.05 to $1.07; Valley $1.28 to $1.30; Roanoke $1.30.
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