Soybeans — Producer hedging caps this. What if it doesn't?Soybean FuturesCBOT_DL:ZS1!ToruProducer hedges in soybeans are sitting above 600K contracts right now. That level usually tracks price down. But if it doesn't this time — price just keeps grinding to fresh highs anyway. Back in 2020 something similar happened. Hedging was heavy, and price broke higher regardless. What was actually driving it wasn't really a mystery though — China came back into the market in size on the back of the trade deal that year, and a stretch of storms and dry weather on top of that gave it extra fuel. Beans ended up running close to 40% higher over the following several months. No idea if the same ingredients show up this time. But when the hedge that's supposed to keep a lid on price isn't doing its job, that's usually a sign something else is in the mix. Worth just watching for now. Not financial advice — just how I'm reading it. Manage your risk.