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Don’t be in a hurry to sell soybeans. The present price flurry has a lot of speculation in it, but there is a solid shortage of beans world-' wide, and there will be some peaks above what we have already seen.
As earlier outlooks said, the U.S. situation was some better than last year. January stocks in all positions were six per cent below a year ear lier, with domestic demand as good and exports perking up>
But in early January, it became clear even through the Iron Curtain that the soybean crop in Red China was short. Communists countries began scrambling for oil supplies and defaulting on deliver- r ies. i ‘ Last week in Virginia, $235 a bushel was not pulling beans out of farms storage, idicating it would be wise to shop around before you sell.
Keep ip mind, though, that the seasonal peak in soybean prices has been moving up. In recent years it has come in April or May.
Soybeans in Richmond last week were quoted at $2.32, witji Norfolk country points at $225 and Norfolk exporters quoting $2.50* to $2.53.
59.9%