Soybeans were higher on speculative and technical buying, in addition to the strength in the broader market, reports Brownfield.
Most forecasts have warm, dry weather in parts of South America, slowing down planting again and potentially stressing the crop.
Planting was already delayed by a couple of week and this all but ensures the U.S. should continue to be the world’s main source of soybeans until early 2021.
The USDA’s attaché in China estimates 2020/21 soybean imports at 95 million tons because of lower demand following 2019/20’s record purchases of 98.5 million tons.
Production is expected to be 18 million tons, up about a million on the year. Soybean meal and oil were sharply higher on demand expectations.
Read the full report at Brownfield, Ag News for America.
