Grow Soy Beans
If you are a farmer trying to figure out what to grow, there is mounting evidence you will be doing just fine if you grow Soy Beans.
Mac Marshall with United Soybean Board and Export Council, say the World Agriculture Supply and Demand Estimates indicate - the demand for soy is up - especially in China.
“So, we saw an update on U.S. planted and harvested area, but the USDA did not make an update to yields. So, the net impact there is a slight increase in U.S. production of 10 million bushels. What I really found more interesting is seeing what is happening on the international side. The export pace and what China has been buying has been pretty significant overall this year, certainly relative to last year.”
Marshall says that while many focus on the short term market impacts, such as those from the COVID-19 pandemic, it’s important know the long-term outlook.
“Globally, we’re seeing soybean demand as predicated by this report up 4% over last year. And I think it’s really testament to how globally integrated and versatile soy is for the world. And, U.S. Soy remains open for business and even though we are working remotely in what’s a very, very challenging year, we are progressing the interests of the U.S. soybean farmer.”
He says, they will definitely be looking at August for adjustment to the trendline yields.