Planting is in the home stretch as the country as a whole got off to a quick start getting U.S. soybeans in the ground – but dryness and adverse weather in parts of the United States have also necessitated some replanting. With the U.S. Department of Agriculture (USDA) confirming expectations of tight supplies for the balance of this marketing year and likely through the next marketing year, this summer will be a pivotal weather market for new crop pricing. May saw a couple soybean shipments from Brazil land in the U.S., which isn’t unheard of – when our inventories were low in 2014, we imported even larger volumes from Brazil. And last season, Brazil looked to the U.S. for supplies when it was facing local shortages. Soybean oil prices continue to rise on both surging demand as a feedstock from the biofuels sector and overall tightness in global vegetable oil markets. For more on what happened in soy markets in May, please enjoy the U.S. Soy Market Intelligence Monthly.
