Beans surprised everyone last week by rallying over $10. If exports remain strong, bean prices may stay at these levels. However, Gulf basis levels (export values) are at 10-year lows, these low basis levels often are an indicator that futures prices are too high longer term.
Eyes are on South American weather as the summer approaches. Similar to last year for North America, there are drought/La Niña concerns going into summer, which are propping up prices. If La Niña does not develop, just like it didn’t in our growing season, then prices won’t likely stay at current levels.