Corn and pork to China
We’ve seen strong new crop purchases of corn and soybeans in particular. China’s been a big player in the pork market this year as well. So, I think all of this is a step in the right direction. We do need to see those export commitments turn in to actual shipments for this goal to be realized,” said Newton.
According to the Farm Bureau, the improved export demand has led to increased commodity prices.
“When we look at where commodity prices are today versus where they were several months ago, we’ve seen commodity prices really rally on the back of lower inventories and strengthening demand from the export market. New crop export commitments for corn and soybeans are record high, we also see very, very strong export inspections. So, I think that’s led to higher prices for farmers over the last few months. But again, we need to see those commitments turn into actual shipments for that price rally to last,” said Newton.