U.S. Builds a Mountain of Soybeans
Expect the lowest season-average price for soybeans in 12 years
According to a report at Successful Farming, U.S. farmers will reap a record-large soybean crop in the middle of a trade war with China, ordinarily the No. 1 export customer for the most widely grown U.S. crop, with no replacement buyer on the horizon.
As a result, said the USDA in its monthly WASDE Report, farmers can expect the lowest season-average price for soybeans in 12 years and the largest soybean stockpile ever, which likely will hold down prices in the future.
There were hopes that buyers — the European Union was mentioned prominently in late July — would tap the U.S. as a back-up supplier because Brazilian soybeans are in demand in China, but it has not been enough to expand the U.S. export flow.