Between the anticipation of high soybean yields, and the current trade spat, soybean prices have yet to rebound from a nosedive this spring, says a report at Ag Pro. However, soybean crush and exports over the past two months show increased use.
The U.S. found alternate countries for soybeans, too. In June, export numbers from the Census Bureau showed exports up 54 million bu. over last year. Mexico is up six million bu., Netherlands up 11.5 million bu. and Pakistan is up 14.5 million bu.
To meet USDA export estimates, soybean exports need to average 18.2 million bu. per week over the next month, and they’ve averaged 27.8 million bu. the past four weeks.
Read the full report here.
