Market analyst cites good demand for soybean strength


Market analyst cites good demand for soybean strength

The United Soybean Board Market Intelligence Vice-President says soybean futures strength following the big yield projection is because of storm damage to millions of acres and a reaction to good demand. Mac Marshall tells Brownfield soybean prices were supported by other forces.

“I think as we look at the global pile and the pace at which growing economies, and the U.S. as well, are eating through that pile is what is helping drive some of that price appreciation that we’ve seen,” Marshall told Brownfield Ag News Thursday.

Marshall says part of that strength is because of the USDA’s upward revision of 75 million bushels in the U.S. export pace for the upcoming marketing year.

“Now we’re at just over 2.1 billion bushels in expected export for new crop beans,” said Marshall. “That would be the highest since the ’17-’18 marketing year, so hopefully [this is] a little bit of a return to business as usual over the course of this new year.”

Marshall spoke to Brownfield following the U.S. Soybean Export Council webcast on the USDA report.

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