Although USDA projects U.S. soybean exports of 1.77 billion bushels for the 2014/15 marketing year, some think that figure could be higher.
“I think we could be closer to 2 (billion bushels), depending on what happens to South America,” explains Jamey Kohake, Paragon Investments, in an interview with “Market Rally” radio. “But I don’t see them backing off a whole lot here short-term at all.”
Specifically, Kohake thinks export volume of about 1.8 billion or 1.9 billion bushels is likely.
“I think we keep a very, very strong pace,” he says.
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Meanwhile, he expects new-crop soybean prices to top out between $10 and $10.80.
“I think we’re very close to probably seeing a balance here right now close to down around the $9.40 area,” Kohake adds.
Click the play button below to listen to Kohake’s complete interview with “Market Rally” radio:
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