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The Technical Reason for Your Soybean Meal Short
Soybeans need around 18% of the operating costs come here from fertilizers. If you look at corn prices, you have as much as 37%. So there's a huge difference. And then I think what happened here is just farmers realized it makes, from an economic standpoint, more sense to plant soybeans because I will need less fertilizers than planting corn. This is my thesis why we actually saw these changes in these reports and why I'm bearish on soybeans.