Chinese tariffs on U.S. soybeans have shifted soybean trade patterns. USDA Ag Outlook Board Chair Seth Meyer says the soybean trade is in unfamiliar territory. “In the last decade, we’ve developed this six month marketing year which has been dominated by China. That makes it really difficult for us to know what to expect in terms of now, because U.S. soybeans are on sale. We’ve done a fair amount of business counter seasonally and most of that business hasn’t been to China its been to other countries because U.S. beans are on sale.” USDA will release its August supply and demand forecast Friday at 11 a.m. central time.
