The world is trying to sell more soybeans than had been expected, about 233 million tons, which is up about 5.6 million tons from the previous year. World Agriculture Outlook Board Chairman Gerry Bange says U.S. soybean producers are not doing too badly as they hold their own in a tough world economy and competitive market.
"We did increase our export forecast on soybeans up to 1.1 billion bushels, an increase of 50 million bushels," Bange says. "The reason we increased that number is that the U.S. exports to China have remained extremely strong, as we are doing very, very well there."
In the U.S. soybean crush expected a little more than expected, down 6.5% from last year due to the lower number of animals out there to feed. However the board is keeping its previous price forecast of an average of $9 a bushel for this crop. Bange says about 45% of the crop has been marketed at $9.90 with the remaining portion being sold at about $8.50, which is down from the $10 average of the last soybean selling season.