Demand for U.S. Soy remains strong, despite record production in Brazil. Here, a grain strategist says soy meal exports have been “stellar” in spite of the competition.
Despite a large soybean crop in South America projected in today’s U.S. Department of Agriculture (USDA) World Agriculture Supply and Demand Estimates (WASDE) report, demand remains strong.
USDA increased Brazil’s production estimate by 4 million tons to a record 108 million tons in the report. Recently, Iowa Soybean Association (ISA) leaders traveled to Argentina and Brazil to see the crop first hand.
“We need to realize we have a very competitive neighbor to the south of us,” said Rolland Schnell, ISA president and farmer from Newton. “They’re very viable competitors and are probably going to be even more so in the future, which underscores our need to enhance our infrastructure to maintain our global advantage.”
However, soybean demand remains strong and domestic crush was up according to the report.