Soybeans Plunge on Huge Stockpiles

Soybeans plunge in price

The news for soybeans was even worse than expected, as the Department of Agriculture reported far more soybeans stockpiled than most had thought there were.

Soybeans for May dropped 33 cents to end the session at $9.41 a bushel.

Amazingly, farmers are poised to plant even more acreage in soybeans next year, defying common sense, bringing the estimated total to a record 78.1 million acres.

Hopefully this isn't because the taxpayers are getting fleeced again by subsidies, otherwise why would farmers continue on as if they couldn't learn from lessons from the last two years?