Given the recent, historically thin exports, it might take some extraordinary circumstances for U.S. soybean shipments to approach the government’s full-year target. And without an extended turnaround in export demand, U.S. soybean stockpiles could swell to the second-highest levels on record by September, despite last year’s short crop, reports Reuters.
China is likely the only country that could provide the needed lift to U.S. soybeans, but given cheaper, abundant supplies in Brazil and a slower global economy in the wake of the coronavirus, the outlook is not too favorable.
The U.S. exported just 2.76 million tonnes of soybeans in February, the fewest for the month since 2004, according to data published on Thursday by the U.S. Census Bureau.
Read the full report at Reuters.
