The U.S. Soybean Export Council reviewed the July USDA World Agriculture Supply and Demand Estimate report in its monthly webinar series. Featured speaker, RJ O’Brien’s Head of Market Insights Randy Mittelstaedt, referenced changes for the old crop soybean balance sheet. “The use of a negative residual in a U.S. balance sheet is fairly uncommon and it highlights something we are likely to see,” says Mittelstaedt. “The USDA has only used a negative residual in the old crop balance sheet three times in the last 25 years. All three of those times we ended up seeing the previous year’s soybean crop revised in the September report. We think last year’s U.S. soybean crop was understated and this will be shown in September.” Despite the COVID-19 pandemic, USDA Foreign Agriculture Service Administrator Ken Isley also told attendees the demand for U.S. soybeans remains strong.
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