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SOYBEANS
A record supply of soybeans, much of it still held on farms, indicates little if any further increase in soybean prices.
In any case, there is little likelihood of a repeat of flast year’s skyrocketing spring prices.
In the short run, sales by many, farmers who have waited until af-! ter the start of the new tax year to move their beans could push prices down a little.
As of January 1, farmers held 263 million bushels of soybeans on farms. This was 91 million bushels, or 53 per cent, more than holdings on the same date last year.
One factor on the plus side is the USDA assurance that beans taken over under loan won’t be sold below $2.46% this summer. This means crushers can’t hold off waiting for cheap beans from the government. i
Other news notes: (1). January 31 is the deadline for Virginia growers to put their 1961 crop under loan; and (2). The preliminary announcement of USDA puts the average national support rate for 4962 crop soybeans at $225, five cents below this year’s level. The Virginia support is usually a few cents below the national, average.
Soybean prices, which have changed little since late November, were $2.30 in Richmond last week; $2.35 to $2.38 at Norfolk and
81.2%