Even as they prepare to plant the 2012 crop, South America is selling soybeans into export markets.
So ahead of the November World Agricultural Supply and Demand Estimates (WASDE) report, the USDA reduced the 2011 U.S. soybean export forecast by 40 million bushels to 1.375 billion bushels.
“South America has been able to meet more of the Chinese demand than they have in the past couple of years,” said Chad Hart, Iowa State University grain marketing economist. “That’s hit our export market.”
The export number is still phenomenal – especially given the U.S. projected soybean carryout is just 160 million bushels. Significant exports are one of the reasons the USDA forecast an average U.S. cash price of $12.15-$14.15 per bushel in October.
farmandranchguide.com»
So ahead of the November World Agricultural Supply and Demand Estimates (WASDE) report, the USDA reduced the 2011 U.S. soybean export forecast by 40 million bushels to 1.375 billion bushels.
“South America has been able to meet more of the Chinese demand than they have in the past couple of years,” said Chad Hart, Iowa State University grain marketing economist. “That’s hit our export market.”
The export number is still phenomenal – especially given the U.S. projected soybean carryout is just 160 million bushels. Significant exports are one of the reasons the USDA forecast an average U.S. cash price of $12.15-$14.15 per bushel in October.
farmandranchguide.com»