Soybean Demand Pushing Domestic Stocks Lower, Prices Higher

WASHINGTON, DC – Expanded soybean exports, led in part by increased Chinese buying under the United States-China Phase One trade deal, are tightening the availability of U.S. soybeans the current marketing year which ends in August. As demand overwhelms supply, USDA forecasts soybeans stocks will plunge to 120 million bushels, which would be the lowest point since the historic low in 2014. Rapidly declining soybean stocks continue to create the possibility of even higher prices, as February soybean prices rose above $13.80 a bushel, again the highest in seven years. The March Grain Stocks report from the National Agricultural Statistics Service on March 31 (2021) will provide more details regarding the ever-changing situation.
(SOURCE: All Ag News)