South America’s soybean production outlook is shifting, due to dry conditions. U.S. Soybean Export Council CEO Jim Sutter says 10 and 20 percent of the crop soybean crop has been lost. “That situation is shifting demand back, counter-seasonally to the United States, this time of the year. Normally, our main shipments move between October and March. Then, South America kicks in for shipments the other half of the year,” says Sutter. “What we’re seeing is more buyers coming back to the U.S., given the expectation for lower production levels. Fortunately, we had a record crop last year in the U.S. It will be interesting to see what’s planted in 2022.” For the current 2021-22 marketing year, Sutter says the outlook for U.S. soybean exports remains strong. “We’re setting up to see strong exports in the next year as well.”
News Categories
Latest RRFN Podcasts
Subscribe to RRFN
Get a weekly digest from RRFN to stay up-to-date on all the latest news in agriculture.